Illinois Municipal Retirement Fund raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC – Free Report) by 45.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 8,456 shares of the credit services provider’s stock after purchasing an additional 2,632 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Credit Acceptance were worth $3,581,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Wyoming bought a new position in Credit Acceptance in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in shares of Credit Acceptance in the fourth quarter worth approximately $27,000. Rockefeller Capital Management L.P. boosted its holdings in Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares during the period. Allworth Financial LP grew its position in shares of Credit Acceptance by 141.9% during the third quarter. Allworth Financial LP now owns 104 shares of the credit services provider’s stock worth $49,000 after purchasing an additional 61 shares in the last quarter. Finally, Vestcor Inc bought a new position in Credit Acceptance in the 3rd quarter worth approximately $50,000. 81.71% of the stock is owned by institutional investors.
Credit Acceptance Trading Up 0.4%
Shares of NASDAQ:CACC opened at $640.00 on Friday. The company has a market capitalization of $6.69 billion, a PE ratio of 15.90 and a beta of 1.36. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. The business’s fifty day simple moving average is $583.83 and its 200-day simple moving average is $514.21. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86.
Insider Activity at Credit Acceptance
In other Credit Acceptance news, COO Jonathan Lum sold 6,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $600.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief operating officer directly owned 31,609 shares in the company, valued at approximately $18,965,400. This trade represents a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total transaction of $7,185,640.00. Following the completion of the transaction, the insider directly owned 49,346 shares of the company’s stock, valued at $32,234,781.04. The trade was a 18.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 63,754 shares of company stock worth $38,016,345 over the last ninety days. Corporate insiders own 6.10% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have recently weighed in on CACC. Stephens raised 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. Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. TD Cowen upped their target price on Credit Acceptance from $500.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Finally, Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Credit Acceptance presently has an average rating of “Hold” and a consensus price target of $557.50.
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.
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