Illinois Municipal Retirement Fund Boosts Stake in Credit Acceptance Corporation $CACC

Illinois Municipal Retirement Fund increased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 45.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 owned approximately 0.08% of Credit Acceptance worth $3,581,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CACC. M&T Bank Corp purchased a new stake in Credit Acceptance in the fourth quarter worth $208,294,000. Boston Partners bought a new position in Credit Acceptance in the third quarter worth $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Credit Acceptance by 764.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock valued at $91,652,000 after buying an additional 180,304 shares during the period. Smith Thomas W purchased a new position in Credit Acceptance during the fourth quarter valued at $42,083,000. Finally, Smead Capital Management Inc. lifted its position in Credit Acceptance by 17.0% during the second quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock valued at $110,450,000 after buying an additional 31,438 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Stephens increased their price target on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. TD Cowen lifted their price target on shares of Credit Acceptance from $500.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Finally, Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $557.50.

Credit Acceptance Stock Up 0.4%

Shares of NASDAQ:CACC opened at $640.00 on Friday. 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 stock has a fifty day simple moving average of $583.83 and a two-hundred day simple moving average of $514.21. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 15.90 and a beta of 1.36.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The company had revenue of $406.00 million during the quarter, compared to analysts’ expectations of $580.77 million. During the same period in the prior year, the company posted $9.35 earnings per share. The company’s revenue was up 1.6% on a year-over-year basis. On average, research analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credit Acceptance news, Director Kenneth Booth sold 4,000 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $534.00, for a total transaction of $2,136,000.00. Following the completion of the sale, the director directly owned 22,832 shares in the company, valued at approximately $12,192,288. This trade represents a 14.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Lum sold 6,000 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $600.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief operating officer directly owned 31,609 shares of the company’s stock, valued at $18,965,400. This trade represents a 15.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 63,754 shares of company stock worth $38,016,345 over the last quarter. 6.10% of the stock is owned by 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.