Parametric Portfolio Associates LLC Purchases 2,584 Shares of Credit Acceptance Corporation (CACC)

Parametric Portfolio Associates LLC raised its position in Credit Acceptance Corporation (NASDAQ:CACC) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,667 shares of the credit services provider’s stock after acquiring an additional 2,584 shares during the quarter. Parametric Portfolio Associates LLC owned 0.22% of Credit Acceptance Corporation worth $10,971,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Abrams Bison Investments LLC grew its position in Credit Acceptance Corporation by 1.9% in the first quarter. Abrams Bison Investments LLC now owns 1,159,399 shares of the credit services provider’s stock valued at $231,196,000 after acquiring an additional 21,399 shares in the last quarter. Vanguard Group Inc. grew its position in Credit Acceptance Corporation by 26.9% in the first quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after acquiring an additional 197,463 shares in the last quarter. BlackRock Inc. grew its position in Credit Acceptance Corporation by 11.4% in the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after acquiring an additional 45,768 shares in the last quarter. Beck Mack & Oliver LLC grew its position in Credit Acceptance Corporation by 0.7% in the second quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock valued at $93,593,000 after acquiring an additional 2,682 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Credit Acceptance Corporation by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 175,836 shares of the credit services provider’s stock valued at $35,064,000 after acquiring an additional 6,055 shares in the last quarter. 72.71% of the stock is owned by institutional investors.

Credit Acceptance Corporation (NASDAQ CACC) opened at 283.71 on Thursday. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $288.23. The firm has a 50-day moving average of $272.44 and a 200-day moving average of $241.60. The firm has a market cap of $5.52 billion, a P/E ratio of 15.51 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last released its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33. The business had revenue of $253.20 million for the quarter, compared to analysts’ expectations of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. Credit Acceptance Corporation’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business posted $4.38 earnings per share. On average, analysts expect that Credit Acceptance Corporation will post $19.90 EPS for the current year.

CACC has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, August 3rd. Credit Suisse Group reissued an “underperform” rating and set a $200.00 price target (up previously from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Jefferies Group LLC reissued a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Finally, Raymond James Financial, Inc. raised shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $224.88.

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In other news, major shareholder Jill Foss Watson sold 47,303 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $270.75, for a total transaction of $12,807,287.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kenneth Booth sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,858 shares of company stock worth $41,562,168. 5.80% of the stock is currently owned by company insiders.

About Credit Acceptance Corporation

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

Institutional Ownership by Quarter for Credit Acceptance Corporation (NASDAQ:CACC)

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