Alps Advisors Inc. lifted its holdings in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 22.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,754 shares of the credit services provider’s stock after acquiring an additional 319 shares during the period. Alps Advisors Inc.’s holdings in Credit Acceptance were worth $567,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CACC. Glen Harbor Capital Management LLC acquired a new stake in shares of Credit Acceptance during the first quarter worth about $102,000. Meadow Creek Investment Management LLC acquired a new stake in shares of Credit Acceptance during the first quarter worth about $157,000. Verition Fund Management LLC acquired a new stake in shares of Credit Acceptance during the first quarter worth about $244,000. Xact Kapitalforvaltning AB lifted its holdings in shares of Credit Acceptance by 29.2% during the first quarter. Xact Kapitalforvaltning AB now owns 886 shares of the credit services provider’s stock worth $293,000 after purchasing an additional 200 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Credit Acceptance during the first quarter worth about $317,000. Institutional investors and hedge funds own 69.70% of the company’s stock.
Shares of NASDAQ:CACC opened at $455.23 on Tuesday. Credit Acceptance Corp. has a 12-month low of $256.27 and a 12-month high of $457.55. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of 22.27, a P/E/G ratio of 0.80 and a beta of 0.51. The company has a debt-to-equity ratio of 2.03, a current ratio of 33.69 and a quick ratio of 33.69.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Tuesday, July 31st. The credit services provider reported $6.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $6.44 by $0.51. Credit Acceptance had a return on equity of 28.97% and a net margin of 46.43%. The company had revenue of $315.40 million during the quarter, compared to the consensus estimate of $303.55 million. sell-side analysts anticipate that Credit Acceptance Corp. will post 27.68 EPS for the current year.
CACC has been the subject of a number of research reports. Susquehanna Bancshares lifted their target price on Credit Acceptance from $350.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. ValuEngine downgraded Credit Acceptance from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. BidaskClub downgraded Credit Acceptance from a “buy” rating to a “hold” rating in a report on Saturday, April 28th. Compass Point raised Credit Acceptance from a “sell” rating to a “neutral” rating in a report on Wednesday, August 1st. Finally, Zacks Investment Research raised Credit Acceptance from a “sell” rating to a “hold” rating in a report on Wednesday, May 9th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $327.78.
In other Credit Acceptance news, CFO Kenneth Booth sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $375.00, for a total value of $750,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas N. Tryforos sold 33,300 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $438.14, for a total value of $14,590,062.00. The disclosure for this sale can be found here. Insiders sold 39,030 shares of company stock valued at $16,887,092 over the last three months. 5.40% of the stock is currently owned by corporate insiders.
Credit Acceptance Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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