Quantbot Technologies LP Acquires New Holdings in Credit Acceptance Corporation $CACC

Quantbot Technologies LP acquired a new position in Credit Acceptance Corporation (NASDAQ:CACC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,146 shares of the credit services provider’s stock, valued at approximately $730,000.

A number of other hedge funds also recently bought and sold shares of CACC. BlackRock Inc. bought a new stake in Credit Acceptance during the 2nd quarter valued at $408,849,000. Boston Partners purchased a new position in shares of Credit Acceptance in the 3rd quarter valued at $206,327,000. Smith Thomas W bought a new position in shares of Credit Acceptance in the 4th quarter worth $42,083,000. Renaissance Technologies LLC raised its position in shares of Credit Acceptance by 1,078.0% in the 1st quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock worth $26,876,000 after acquiring an additional 58,080 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its stake in shares of Credit Acceptance by 17.0% during the 2nd quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock worth $110,450,000 after purchasing an additional 31,438 shares during the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

CACC has been the topic of a number of recent research reports. Zacks Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. TD Cowen increased their price target on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $570.00.

Insider Buying and Selling

In other Credit Acceptance news, insider Nicholas J. Elliott sold 2,306 shares of the 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 sale, the insider directly owned 20,897 shares in the company, valued at approximately $13,164,901.03. This trade represents a 9.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Erin J. Kerber sold 5,720 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $629.80, for a total value of $3,602,456.00. Following the completion of the sale, the insider directly owned 25,711 shares of the company’s stock, valued at approximately $16,192,787.80. This represents a 18.20% decrease in their position. 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 sold a total of 44,289 shares of company stock valued at $27,525,241 in the last 90 days. 6.10% of the stock is owned by insiders.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $593.64 on Thursday. The business’s fifty day simple moving average is $601.72 and its 200-day simple moving average is $538.13. The company has a market cap of $6.21 billion, a PE ratio of 13.05 and a beta of 1.37. The company has a current ratio of 14.89, a quick ratio of 14.89 and a debt-to-equity ratio of 3.84. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86.

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

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.