Public Employees Retirement System of Ohio Increases Stake in Credit Acceptance Corporation (NASDAQ:CACC)

Public Employees Retirement System of Ohio increased its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,078 shares of the credit services provider’s stock after buying an additional 37 shares during the period. Public Employees Retirement System of Ohio’s holdings in Credit Acceptance Corporation were worth $813,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in shares of Credit Acceptance Corporation by 27.4% in the first quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock valued at $676,000 after buying an additional 730 shares in the last quarter. Karp Capital Management Corp bought a new position in Credit Acceptance Corporation during the first quarter worth $244,000. Bank of New York Mellon Corp raised its position in Credit Acceptance Corporation by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 43,644 shares of the credit services provider’s stock worth $8,703,000 after buying an additional 807 shares during the last quarter. First Trust Advisors LP raised its position in Credit Acceptance Corporation by 51.0% in the first quarter. First Trust Advisors LP now owns 34,598 shares of the credit services provider’s stock worth $6,899,000 after buying an additional 11,690 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Credit Acceptance Corporation by 9.1% in the first quarter. Wells Fargo & Company MN now owns 3,516 shares of the credit services provider’s stock worth $701,000 after buying an additional 293 shares during the last quarter. 72.98% of the stock is currently owned by institutional investors.

Shares of Credit Acceptance Corporation (CACC) traded down 0.13% during trading on Friday, hitting $261.83. 258,892 shares of the company were exchanged. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $281.67. The stock has a market cap of $5.09 billion, a P/E ratio of 14.31 and a beta of 0.51. The company’s 50-day moving average price is $257.10 and its 200 day moving average price is $221.97.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The business had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter in the prior year, the firm earned $4.38 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.

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A number of equities research analysts have recently commented on CACC shares. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “strong-buy” rating and set a $248.00 target price on the stock in a research report on Thursday, May 4th. BidaskClub upgraded Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Janney Montgomery Scott upgraded Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $187.00 to $200.00 in a report on Tuesday, May 2nd. BMO Capital Markets restated a “market perform” rating and set a $226.00 target price (up from $212.00) on shares of Credit Acceptance Corporation in a report on Wednesday, May 3rd. Finally, Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Four analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Credit Acceptance Corporation has a consensus rating of “Hold” and a consensus price target of $216.56.

In other Credit Acceptance Corporation news, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total transaction of $546,020.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Jill Foss Watson sold 35,348 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $275.69, for a total transaction of $9,745,090.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 357,114 shares of company stock worth $87,000,109. Insiders own 5.80% of the company’s stock.

About Credit Acceptance Corporation

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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