Renaissance Technologies LLC Has $26.88 Million Stock Position in Credit Acceptance Corporation $CACC

Renaissance Technologies LLC boosted its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 1,078.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,468 shares of the credit services provider’s stock after purchasing an additional 58,080 shares during the quarter. Renaissance Technologies LLC owned about 0.61% of Credit Acceptance worth $26,876,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp acquired a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $208,294,000. Boston Partners bought a new stake in Credit Acceptance during the third quarter worth $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Credit Acceptance by 764.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock valued at $91,652,000 after purchasing an additional 180,304 shares in the last quarter. Smith Thomas W acquired a new stake in shares of Credit Acceptance in the 4th quarter valued at $42,083,000. Finally, Smead Capital Management Inc. increased its stake in shares of Credit Acceptance by 17.0% in the 2nd quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock valued at $110,450,000 after purchasing an additional 31,438 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on CACC shares. Zacks Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Stephens boosted their target price on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Finally, TD Cowen raised their price target on shares of Credit Acceptance from $500.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credit Acceptance currently has an average rating of “Hold” and an average target price of $557.50.

Insider Activity

In related news, COO Jonathan Lum sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief operating officer owned 31,609 shares in the company, valued at $18,965,400. This trade represents a 15.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jay D. Martin sold 3,000 shares of Credit Acceptance 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 sale, 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 ownership of the stock. 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. In the last ninety days, insiders sold 47,304 shares of company stock valued at $29,186,331. 6.10% of the stock is currently owned by company insiders.

Credit Acceptance Stock Down 0.3%

Shares of NASDAQ:CACC opened at $556.71 on Thursday. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $668.86. The company has a market capitalization of $5.82 billion, a PE ratio of 13.83 and a beta of 1.36. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The company has a fifty day moving average of $590.74 and a 200-day moving average of $521.88.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share for the quarter, missing the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million for the quarter, compared to analyst estimates of $580.77 million. During the same period last year, the business earned $9.35 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. On average, equities analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Credit Acceptance 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.