Paralel Advisors LLC Trims Stake in Credit Acceptance Co. (NASDAQ:CACC)

Paralel Advisors LLC lessened its position in shares of Credit Acceptance Co. (NASDAQ:CACC) by 5.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,139 shares of the credit services provider’s stock after selling 247 shares during the quarter. Paralel Advisors LLC’s holdings in Credit Acceptance were worth $2,130,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its position in Credit Acceptance by 10.1% in the 2nd quarter. Rhumbline Advisers now owns 9,235 shares of the credit services provider’s stock valued at $4,753,000 after purchasing an additional 844 shares during the last quarter. nVerses Capital LLC acquired a new position in Credit Acceptance in the second quarter valued at $51,000. UMB Bank n.a. raised its holdings in shares of Credit Acceptance by 4.6% in the second quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock valued at $337,000 after buying an additional 29 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Credit Acceptance by 47.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,110 shares of the credit services provider’s stock worth $571,000 after buying an additional 359 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Credit Acceptance by 4.2% during the second quarter. Bank of New York Mellon Corp now owns 23,732 shares of the credit services provider’s stock worth $12,214,000 after buying an additional 951 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped their target price on Credit Acceptance from $440.00 to $400.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $395.67.

Credit Acceptance Stock Performance

NASDAQ CACC traded down $8.72 during trading hours on Friday, hitting $442.17. 28,593 shares of the stock were exchanged, compared to its average volume of 58,039. The company has a quick ratio of 19.15, a current ratio of 19.15 and a debt-to-equity ratio of 3.77. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 22.69 and a beta of 1.42. Credit Acceptance Co. has a 12-month low of $379.77 and a 12-month high of $616.66. The stock has a 50-day moving average of $507.33 and a 200 day moving average of $516.67.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.20 by $3.09. The firm had revenue of $538.20 million during the quarter, compared to analysts’ expectations of $525.03 million. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. Credit Acceptance’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.69 earnings per share. As a group, equities research analysts forecast that Credit Acceptance Co. will post 38.87 earnings per share for the current year.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services 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.