Versor Investments LP acquired a new position in Credit Acceptance Co. (NASDAQ:CACC – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 609 shares of the credit services provider’s stock, valued at approximately $280,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of CACC. National Bank of Canada FI raised its holdings in Credit Acceptance by 48.0% in the 2nd quarter. National Bank of Canada FI now owns 74 shares of the credit services provider’s stock worth $38,000 after purchasing an additional 24 shares during the period. M&T Bank Corp raised its holdings in Credit Acceptance by 2.7% in the 3rd quarter. M&T Bank Corp now owns 1,038 shares of the credit services provider’s stock worth $478,000 after purchasing an additional 27 shares during the period. UBS Group AG raised its holdings in Credit Acceptance by 1.7% in the 3rd quarter. UBS Group AG now owns 1,597 shares of the credit services provider’s stock worth $700,000 after purchasing an additional 27 shares during the period. Macquarie Group Ltd. raised its holdings in Credit Acceptance by 4.7% in the 2nd quarter. Macquarie Group Ltd. now owns 629 shares of the credit services provider’s stock worth $298,000 after purchasing an additional 28 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Credit Acceptance by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,163 shares of the credit services provider’s stock worth $1,915,000 after purchasing an additional 29 shares during the period. 66.15% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. TD Cowen assumed coverage on Credit Acceptance in a report on Wednesday, November 1st. They issued an “underperform” rating and a $360.00 target price on the stock. BMO Capital Markets decreased their price target on Credit Acceptance from $354.00 to $347.00 and set a “market perform” rating on the stock in a report on Tuesday, October 31st. TheStreet raised Credit Acceptance from a “c+” rating to a “b-” rating in a report on Wednesday, December 13th. Stephens reissued an “equal weight” rating and set a $440.00 price target on shares of Credit Acceptance in a report on Tuesday, October 31st. Finally, StockNews.com initiated coverage on Credit Acceptance in a report on Thursday, October 5th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, Credit Acceptance currently has a consensus rating of “Hold” and a consensus target price of $381.75.
Credit Acceptance Trading Down 2.4 %
Shares of Credit Acceptance stock opened at $541.07 on Thursday. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 22.26 and a beta of 1.45. The business has a 50-day moving average price of $508.49 and a 200-day moving average price of $484.50. The company has a quick ratio of 18.50, a current ratio of 18.50 and a debt-to-equity ratio of 2.84. Credit Acceptance Co. has a twelve month low of $379.77 and a twelve month high of $576.05.
Credit Acceptance (NASDAQ:CACC – Get Free Report) last issued its quarterly earnings data on Monday, October 30th. The credit services provider reported $10.70 earnings per share for the quarter, missing analysts’ consensus estimates of $12.88 by ($2.18). The firm had revenue of $478.60 million for the quarter, compared to analysts’ expectations of $485.68 million. Credit Acceptance had a net margin of 17.11% and a return on equity of 33.12%. Equities research analysts anticipate that Credit Acceptance Co. will post 40.28 EPS for the current fiscal year.
In other news, insider Douglas W. Busk sold 500 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $524.18, for a total transaction of $262,090.00. Following the completion of the transaction, the insider now owns 3,612 shares in the company, valued at $1,893,338.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.20% of the company’s stock.
Credit Acceptance Profile
Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.
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