1,819 Shares in Credit Acceptance Corporation $CACC Acquired by Redwood Investment Management LLC

Redwood Investment Management LLC purchased a new position in Credit Acceptance Corporation (NASDAQ:CACC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,819 shares of the credit services provider’s stock, valued at approximately $1,158,000.

Other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Credit Acceptance by 31.6% during the first quarter. Royal Bank of Canada now owns 1,916 shares of the credit services provider’s stock valued at $989,000 after buying an additional 460 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Credit Acceptance by 230.6% during the first quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock worth $3,961,000 after acquiring an additional 5,500 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Credit Acceptance by 3.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider’s stock valued at $12,334,000 after acquiring an additional 900 shares in the last quarter. Creative Planning increased its holdings in Credit Acceptance by 35.6% in the 2nd quarter. Creative Planning now owns 529 shares of the credit services provider’s stock valued at $269,000 after acquiring an additional 139 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Credit Acceptance by 4.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,077 shares of the credit services provider’s stock valued at $2,586,000 after acquiring an additional 232 shares during the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Finally, TD Cowen increased their price target on Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. 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 data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $570.00.

Credit Acceptance Trading Down 1.8%

CACC stock opened at $593.64 on Thursday. The firm has a fifty day moving average price of $601.72 and a 200 day moving average price of $538.13. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The firm has a market cap of $6.21 billion, a PE ratio of 13.05 and a beta of 1.37. The company has a debt-to-equity ratio of 3.84, a quick ratio of 14.89 and a current ratio of 14.89.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The business had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $588.07 million. During the same period in the previous year, the company earned $10.05 EPS. Credit Acceptance’s revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts anticipate that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Insider Transactions at Credit Acceptance

In related news, CFO Jay D. Martin sold 3,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the transaction, the chief financial officer owned 25,963 shares of the company’s stock, valued at approximately $15,604,801.52. This trade represents a 10.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nicholas J. Elliott sold 2,306 shares of Credit Acceptance stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $629.99, for a total value of $1,452,756.94. Following the completion of the transaction, the insider owned 20,897 shares of the company’s stock, valued at approximately $13,164,901.03. This represents a 9.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 44,289 shares of company stock worth $27,525,241. 6.10% of the stock is currently owned by corporate insiders.

Credit Acceptance Company 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.