Quantinno Capital Management LP Raises Position in Credit Acceptance Corporation $CACC

Quantinno Capital Management LP lifted its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 20.8% in the 1st quarter, HoldingsChannel reports. The firm owned 7,360 shares of the credit services provider’s stock after acquiring an additional 1,265 shares during the period. Quantinno Capital Management LP’s holdings in Credit Acceptance were worth $3,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. M&T Bank Corp bought a new stake in Credit Acceptance during the fourth quarter valued at about $208,294,000. Boston Partners purchased a new position in shares of Credit Acceptance during the 3rd quarter valued at about $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of 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 valued at $91,652,000 after acquiring an additional 180,304 shares during the period. Smith Thomas W bought a new position in shares of Credit Acceptance during the 4th quarter valued at approximately $42,083,000. Finally, Renaissance Technologies LLC increased its holdings in 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. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Credit Acceptance

In related news, insider Erin J. Kerber sold 5,720 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $629.80, for a total transaction of $3,602,456.00. Following the transaction, the insider directly owned 25,711 shares in the company, valued at $16,192,787.80. The trade was a 18.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 dated Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total value of $7,185,640.00. Following the transaction, the insider directly owned 49,346 shares in the company, valued at $32,234,781.04. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 44,289 shares of company stock worth $27,525,241. 6.10% of the stock is currently owned by corporate insiders.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $585.58 on Friday. The company has a market capitalization of $6.13 billion, a PE ratio of 12.88 and a beta of 1.37. The company has a quick ratio of 13.62, a current ratio of 14.89 and a debt-to-equity ratio of 3.84. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $668.86. The stock’s fifty day moving average is $594.11 and its two-hundred day moving average is $526.77.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data 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 the consensus estimate of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. Credit Acceptance’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $10.05 EPS. As a group, analysts expect that Credit Acceptance Corporation will post 47.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CACC shares. Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. TD Cowen increased their price target on Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a research note on Wednesday. Stephens boosted their price objective on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Finally, Weiss Ratings raised Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company 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.