Rhumbline Advisers Raises Position in Credit Acceptance Co. (NASDAQ:CACC)

Rhumbline Advisers raised its stake in Credit Acceptance Co. (NASDAQ:CACC) by 10.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,235 shares of the credit services provider’s stock after purchasing an additional 844 shares during the quarter. Rhumbline Advisers owned 0.08% of Credit Acceptance worth $4,753,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Diversified Trust Co purchased a new stake in shares of Credit Acceptance during the second quarter valued at approximately $618,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Credit Acceptance during the first quarter valued at approximately $662,000. Russell Investments Group Ltd. increased its position in shares of Credit Acceptance by 821.9% during the first quarter. Russell Investments Group Ltd. now owns 3,282 shares of the credit services provider’s stock valued at $1,810,000 after acquiring an additional 2,926 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Credit Acceptance during the fourth quarter valued at approximately $1,324,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Credit Acceptance during the fourth quarter valued at approximately $2,845,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the transaction, the insider now directly owns 74,450 shares of the company’s stock, valued at $33,577,694.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.30% of the company’s stock.

Credit Acceptance Stock Performance

NASDAQ:CACC opened at $432.34 on Monday. The company has a debt-to-equity ratio of 3.77, a current ratio of 19.15 and a quick ratio of 19.15. The business has a fifty day simple moving average of $498.26 and a two-hundred day simple moving average of $512.48. Credit Acceptance Co. has a 1 year low of $379.77 and a 1 year high of $616.66. The company has a market capitalization of $5.24 billion, a P/E ratio of 22.18 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.20 by $3.09. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The business had revenue of $538.20 million during the quarter, compared to the consensus estimate of $525.03 million. During the same period last year, the business posted $10.69 earnings per share. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, analysts expect that Credit Acceptance Co. will post 38.87 earnings per share for the current year.

Analysts Set New Price Targets

Separately, TD Cowen decreased their price target on Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $395.67.

Credit Acceptance Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.