Principal Financial Group Inc. boosted its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 44.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,177 shares of the credit services provider’s stock after purchasing an additional 674 shares during the period. Principal Financial Group Inc.’s holdings in Credit Acceptance Corporation were worth $560,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CACC. Vanguard Group Inc. boosted its position in Credit Acceptance Corporation by 26.9% during the first quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after purchasing an additional 197,463 shares during the last quarter. American Century Companies Inc. acquired a new stake in Credit Acceptance Corporation during the second quarter valued at $28,338,000. Neuberger Berman Group LLC acquired a new stake in Credit Acceptance Corporation during the first quarter valued at $5,814,000. Victory Capital Management Inc. acquired a new stake in Credit Acceptance Corporation during the second quarter valued at $6,633,000. Finally, SG Americas Securities LLC boosted its position in Credit Acceptance Corporation by 102.8% during the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 22,463 shares during the last quarter. 72.71% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the company. Jefferies Group LLC reissued a “hold” rating and set a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday. BMO Capital Markets reissued a “hold” rating and set a $238.00 price objective on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Zacks Investment Research cut Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. JMP Securities reissued an “underperform” rating and set a $195.00 price objective (up previously from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. raised Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Credit Acceptance Corporation has a consensus rating of “Hold” and an average price target of $224.88.
Credit Acceptance Corporation (NASDAQ CACC) opened at 281.30 on Friday. The stock has a 50 day moving average price of $272.83 and a 200-day moving average price of $241.89. Credit Acceptance Corporation has a 1-year low of $160.63 and a 1-year high of $288.23. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 15.37 and a beta of 0.55.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The business had revenue of $253.20 million during the quarter, compared to the consensus estimate of $268.18 million. During the same period last year, the business posted $4.38 EPS. Credit Acceptance Corporation’s revenue was up 14.5% on a year-over-year basis. Equities analysts predict that Credit Acceptance Corporation will post $19.90 earnings per share for the current year.
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In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 35,751 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $270.82, for a total value of $9,682,085.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The disclosure for this sale can be found here. Insiders sold a total of 152,858 shares of company stock valued at $41,562,168 over the last quarter. 5.80% of the stock is currently owned by company insiders.
Credit Acceptance Corporation Profile
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.
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