Corsair Capital Management L.P. Purchases Shares of 1,200 Credit Acceptance Corporation $CACC

Corsair Capital Management L.P. acquired a new stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 1,200 shares of the credit services provider’s stock, valued at approximately $508,000.

Other large investors also recently made changes to their positions in the company. M&T Bank Corp acquired a new position in shares of Credit Acceptance in the 4th quarter worth approximately $208,294,000. Boston Partners lifted its stake in Credit Acceptance by 3.4% during the fourth quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock valued at $202,373,000 after purchasing an additional 14,877 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Credit Acceptance by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider’s stock valued at $97,701,000 after purchasing an additional 6,843 shares during the last quarter. Smead Capital Management Inc. boosted its holdings 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 worth $110,450,000 after buying an additional 31,438 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings 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 worth $91,652,000 after buying an additional 180,304 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Credit Acceptance stock opened at $574.08 on Monday. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $668.86. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 14.27 and a beta of 1.36. The company has a 50 day moving average price of $590.61 and a 200 day moving average price of $519.94.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.73 by ($0.02). The firm had revenue of $406.00 million for the quarter, compared to analyst estimates of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. Credit Acceptance’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $9.35 earnings per share. Research analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CACC. Zacks Research lowered shares of 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. TD Cowen lifted their target price on Credit Acceptance from $500.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Finally, Stephens lifted their target price on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Credit Acceptance currently has a consensus rating of “Hold” and a consensus price target of $557.50.

Insider Activity

In related news, insider Nicholas J. Elliott sold 3,487 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the transaction, the insider directly owned 20,897 shares of the company’s stock, valued at approximately $12,559,305.97. The trade was a 14.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Foss Watson sold 11,000 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total value of $7,185,640.00. Following the completion of the sale, the insider directly owned 49,346 shares of the company’s stock, valued at approximately $32,234,781.04. This represents a 18.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 47,304 shares of company stock valued at $29,186,331 in the last ninety days. Corporate insiders own 6.10% of the company’s stock.

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.