M&T Bank Corp Invests $300,000 in Credit Acceptance Corporation (CACC) Stock

M&T Bank Corp bought a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,168 shares of the credit services provider’s stock, valued at approximately $300,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. acquired a new position in Credit Acceptance Corporation during the 2nd quarter worth approximately $28,338,000. Ameriprise Financial Inc. grew its holdings in Credit Acceptance Corporation by 27.4% during the 1st quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock worth $676,000 after acquiring an additional 730 shares in the last quarter. James Investment Research Inc. grew its holdings in Credit Acceptance Corporation by 143.4% during the 2nd quarter. James Investment Research Inc. now owns 8,520 shares of the credit services provider’s stock worth $2,191,000 after acquiring an additional 5,020 shares in the last quarter. Rhumbline Advisers grew its holdings in Credit Acceptance Corporation by 23.3% during the 2nd quarter. Rhumbline Advisers now owns 15,244 shares of the credit services provider’s stock worth $3,920,000 after acquiring an additional 2,883 shares in the last quarter. Finally, Caldwell & Orkin Inc. acquired a new position in Credit Acceptance Corporation during the 2nd quarter worth approximately $2,186,000. 72.71% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance Corporation stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kenneth Booth sold 2,000 shares of Credit Acceptance Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total transaction of $546,020.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 152,858 shares of company stock valued at $41,562,168. Insiders own 5.80% of the company’s stock.

Credit Acceptance Corporation (CACC) opened at 281.30 on Friday. The firm’s 50-day moving average is $272.83 and its 200 day moving average is $241.89. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $288.23. The firm has a market cap of $5.47 billion, a PE ratio of 15.37 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last posted 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 company had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.38 earnings per share. Equities research analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current year.

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

Credit Acceptance Corporation 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.

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

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