PDT Partners LLC Invests $1.71 Million in Credit Acceptance Corporation $CACC

PDT Partners LLC bought a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 2,677 shares of the credit services provider’s stock, valued at approximately $1,705,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd grew its stake in Credit Acceptance by 37.3% during the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after buying an additional 19 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Credit Acceptance by 2.1% in the first quarter. Pictet Asset Management Holding SA now owns 990 shares of the credit services provider’s stock valued at $419,000 after acquiring an additional 20 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after acquiring an additional 24 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Credit Acceptance by 4.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock worth $253,000 after acquiring an additional 25 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Credit Acceptance by 6.3% in the 4th quarter. Cetera Investment Advisers now owns 508 shares of the credit services provider’s stock worth $225,000 after acquiring an additional 30 shares in the last quarter. 81.71% of the stock is owned by institutional investors.

Insider Activity at Credit Acceptance

In other news, 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 transaction of $7,185,640.00. Following the transaction, the insider owned 49,346 shares of the company’s stock, valued at $32,234,781.04. This represents a 18.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Erin J. Kerber sold 5,720 shares of Credit Acceptance stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $629.80, for a total value of $3,602,456.00. Following the completion of the sale, the insider owned 25,711 shares of the company’s stock, valued at approximately $16,192,787.80. The trade was a 18.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 44,289 shares of company stock valued at $27,525,241 over the last quarter. 6.10% of the stock is currently owned by corporate insiders.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $593.64 on Thursday. The company has a debt-to-equity ratio of 3.84, a current ratio of 14.89 and a quick ratio of 14.89. The firm has a 50 day simple moving average of $601.72 and a 200 day simple moving average of $538.13. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The firm has a market cap of $6.21 billion, a P/E ratio of 13.05 and a beta of 1.37.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.20 by ($0.08). The firm had revenue of $415.00 million for the quarter, compared to analyst estimates of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $10.05 EPS. Sell-side analysts predict that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CACC has been the subject of a number of recent analyst reports. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen boosted their price objective on Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded 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 given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target 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.