Credit Acceptance Corporation $CACC Shares Bought by SG Americas Securities LLC

SG Americas Securities LLC boosted its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 429.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 12,835 shares of the credit services provider’s stock after purchasing an additional 10,413 shares during the quarter. SG Americas Securities LLC’s holdings in Credit Acceptance were worth $5,435,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in Credit Acceptance by 31.6% in the first quarter. Royal Bank of Canada now owns 1,916 shares of the credit services provider’s stock valued at $989,000 after buying an additional 460 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Credit Acceptance by 230.6% during the 1st quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock worth $3,961,000 after buying an additional 5,500 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Credit Acceptance by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider’s stock worth $12,334,000 after acquiring an additional 900 shares in the last quarter. Creative Planning grew its position in shares of Credit Acceptance by 35.6% in the 2nd quarter. Creative Planning now owns 529 shares of the credit services provider’s stock worth $269,000 after acquiring an additional 139 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Credit Acceptance by 4.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,077 shares of the credit services provider’s stock valued at $2,586,000 after acquiring an additional 232 shares during the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credit Acceptance news, insider Wendy A. Rummler sold 4,062 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $525.67, for a total transaction of $2,135,271.54. Following the completion of the transaction, the insider owned 19,547 shares in the company, valued at approximately $10,275,271.49. The trade was a 17.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Foss Watson sold 9,450 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $538.52, for a total value of $5,089,014.00. Following the completion of the transaction, the insider directly owned 92,107 shares of the company’s stock, valued at approximately $49,601,461.64. The trade was a 9.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 51,790 shares of company stock worth $29,487,654. 6.10% of the stock is owned by company insiders.

Credit Acceptance Stock Up 0.1%

CACC stock opened at $629.62 on Monday. The stock has a market cap of $6.59 billion, a PE ratio of 15.65 and a beta of 1.38. The firm’s 50-day simple moving average is $548.53 and its 200 day simple moving average is $496.07. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $638.55. The company has a quick ratio of 13.62, a current ratio of 13.62 and a debt-to-equity ratio of 4.09.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The firm had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. During the same quarter last year, the company posted $9.35 EPS. Credit Acceptance’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, sell-side analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen lifted their price target on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Stephens boosted their price objective on shares of Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $520.00.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.