New York State Common Retirement Fund Sells 1,000 Shares of Credit Acceptance Corporation $CACC

New York State Common Retirement Fund reduced its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 23.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,215 shares of the credit services provider’s stock after selling 1,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Credit Acceptance were worth $1,501,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truist Financial Corp bought a new position in shares of Credit Acceptance in the third quarter valued at approximately $280,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Credit Acceptance by 16.9% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 23,575 shares of the credit services provider’s stock worth $11,008,000 after buying an additional 3,400 shares during the period. CFC Planning Co LLC acquired a new position in Credit Acceptance in the 3rd quarter valued at $209,000. Sequoia Financial Advisors LLC raised its holdings in Credit Acceptance by 0.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 8,442 shares of the credit services provider’s stock worth $3,942,000 after acquiring an additional 49 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Credit Acceptance by 430.3% in the 3rd quarter. SG Americas Securities LLC now owns 2,418 shares of the credit services provider’s stock worth $1,129,000 after acquiring an additional 1,962 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

Insider Transactions at Credit Acceptance

In related news, insider Wendy A. Rummler sold 5,236 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $493.44, for a total value of $2,583,651.84. Following the completion of the transaction, the insider owned 20,772 shares of the company’s stock, valued at $10,249,735.68. This represents a 20.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.60% of the stock is owned by company insiders.

Credit Acceptance Stock Performance

CACC opened at $503.59 on Tuesday. The stock’s 50 day simple moving average is $465.41 and its 200-day simple moving average is $474.10. The company has a current ratio of 15.81, a quick ratio of 15.81 and a debt-to-equity ratio of 3.94. The stock has a market cap of $5.55 billion, a PE ratio of 13.80 and a beta of 1.27. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $549.75.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Thursday, January 29th. The credit services provider reported $11.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.46%. The firm had revenue of $408.20 million for the quarter, compared to analyst estimates of $582.63 million. During the same quarter in the previous year, the firm posted $10.17 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Sell-side analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on CACC. Weiss Ratings restated a “hold (c)” rating on shares of Credit Acceptance in a report on Wednesday, January 21st. Zacks Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, TD Cowen increased their target price on Credit Acceptance from $460.00 to $470.00 and gave the company a “hold” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $470.00.

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.