Cadence Capital Management LLC acquired a new stake in Credit Acceptance Corporation (NASDAQ:CACC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,259 shares of the credit services provider’s stock, valued at approximately $1,193,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Teachers Advisors LLC lifted its stake in Credit Acceptance by 0.7% during the first quarter. Teachers Advisors LLC now owns 14,484 shares of the credit services provider’s stock worth $2,888,000 after purchasing an additional 105 shares in the last quarter. Morgan Stanley lifted its stake in Credit Acceptance by 37.7% during the first quarter. Morgan Stanley now owns 8,117 shares of the credit services provider’s stock worth $1,618,000 after purchasing an additional 2,223 shares in the last quarter. State Street Corp lifted its stake in Credit Acceptance by 5.3% during the first quarter. State Street Corp now owns 107,199 shares of the credit services provider’s stock worth $21,379,000 after purchasing an additional 5,409 shares in the last quarter. Aperio Group LLC lifted its stake in Credit Acceptance by 1.4% during the second quarter. Aperio Group LLC now owns 1,243 shares of the credit services provider’s stock worth $320,000 after purchasing an additional 17 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Credit Acceptance by 99.2% during the second quarter. Russell Investments Group Ltd. now owns 1,458 shares of the credit services provider’s stock worth $375,000 after purchasing an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 70.72% of the company’s stock.
A number of research firms have commented on CACC. BMO Capital Markets restated a “market perform” rating and set a $252.00 price target (up from $238.00) on shares of Credit Acceptance in a research note on Tuesday, October 31st. Jefferies Group restated a “hold” rating and set a $260.00 price target (up from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Zacks Investment Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Credit Suisse Group upped their price target on Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Finally, Bank of America increased their price objective on Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $229.78.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.15 by $0.28. The business had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the firm earned $4.53 earnings per share. analysts anticipate that Credit Acceptance Corporation will post 20.84 EPS for the current year.
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Credit Acceptance Company 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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