GSA Capital Partners LLP Takes Position in Credit Acceptance Corporation $CACC

GSA Capital Partners LLP purchased a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,293 shares of the credit services provider’s stock, valued at approximately $823,000.

Several other large investors have also modified their holdings of CACC. M&T Bank Corp bought a new stake in Credit Acceptance in the fourth quarter valued at about $208,294,000. Boston Partners acquired a new stake in Credit Acceptance during the third quarter valued at approximately $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Credit Acceptance by 764.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after buying an additional 180,304 shares during the last quarter. Smith Thomas W bought a new position in Credit Acceptance during the 4th quarter worth approximately $42,083,000. Finally, Renaissance Technologies LLC grew its position in shares of Credit Acceptance by 1,078.0% in the 1st quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock worth $26,876,000 after acquiring an additional 58,080 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Price Performance

CACC opened at $570.54 on Wednesday. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 12.54 and a beta of 1.37. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The company’s 50-day moving average price is $597.59 and its 200 day moving average price is $533.82. The company has a quick ratio of 14.89, a current ratio of 14.89 and a debt-to-equity ratio of 3.84.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The business had revenue of $415.00 million during the quarter, compared to the consensus estimate of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The business’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $10.05 EPS. As a group, sell-side analysts expect that Credit Acceptance Corporation will post 47.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Jay D. Martin sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total transaction of $1,803,120.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares in the company, valued at $15,604,801.52. The trade was a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Foss Watson sold 11,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total value of $7,185,640.00. Following the transaction, the insider owned 49,346 shares of the company’s stock, valued at approximately $32,234,781.04. The trade was a 18.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 44,289 shares of company stock worth $27,525,241. 6.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CACC shares. TD Cowen boosted their price target on Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $570.00.

Credit Acceptance Company 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.