2,099 Shares in Credit Acceptance Corporation $CACC Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new stake in Credit Acceptance Corporation (NASDAQ:CACC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,099 shares of the credit services provider’s stock, valued at approximately $1,337,000.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in shares of Credit Acceptance in the 2nd quarter valued at about $19,347,000. BlackRock Inc. bought a new stake in Credit Acceptance in the second quarter valued at about $408,849,000. SG Americas Securities LLC raised its stake in Credit Acceptance by 429.9% during the first quarter. SG Americas Securities LLC now owns 12,835 shares of the credit services provider’s stock valued at $5,435,000 after buying an additional 10,413 shares in the last quarter. Geo Capital Gestora de Recursos Ltd acquired a new stake in Credit Acceptance during the fourth quarter valued at approximately $1,842,000. Finally, Bank of America Corp DE lifted its holdings in Credit Acceptance by 47.9% during the 1st quarter. Bank of America Corp DE now owns 44,586 shares of the credit services provider’s stock worth $18,880,000 after buying an additional 14,439 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Credit Acceptance news, CFO Jay D. Martin sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares in the company, valued at approximately $15,604,801.52. This represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin J. Kerber sold 5,720 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $629.80, for a total transaction of $3,602,456.00. Following the completion of the sale, the insider owned 25,711 shares in the company, valued at $16,192,787.80. The trade was a 18.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 44,289 shares of company stock worth $27,525,241. 6.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CACC shares. TD Cowen raised 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. Zacks Research lowered shares of 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 equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Credit Acceptance presently has an average rating of “Hold” and an average price target of $570.00.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $604.72 on Friday. The company has a market cap of $6.33 billion, a P/E ratio of 13.30 and a beta of 1.35. The business has a 50 day moving average of $602.14 and a two-hundred day moving average of $542.79. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $668.86. 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 announced its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). The company 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 revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.05 earnings per share. As a group, analysts anticipate that Credit Acceptance Corporation will post 47.8 EPS for the current year.

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.