Alps Advisors Inc. Has $621,000 Position in Credit Acceptance Corporation (CACC)
Alps Advisors Inc. increased its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,414 shares of the credit services provider’s stock after buying an additional 6 shares during the period. Alps Advisors Inc.’s holdings in Credit Acceptance Corporation were worth $621,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in CACC. Teachers Advisors LLC raised its stake in shares of Credit Acceptance Corporation by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 14,379 shares of the credit services provider’s stock valued at $3,128,000 after buying an additional 883 shares during the period. James Investment Research Inc. bought a new stake in shares of Credit Acceptance Corporation during the first quarter valued at about $698,000. Howard Hughes Medical Institute raised its stake in shares of Credit Acceptance Corporation by 32.8% in the first quarter. Howard Hughes Medical Institute now owns 50,836 shares of the credit services provider’s stock valued at $10,137,000 after buying an additional 12,548 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Credit Acceptance Corporation by 35.9% in the first quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock valued at $311,000 after buying an additional 412 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Credit Acceptance Corporation by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after buying an additional 231 shares during the period. 72.98% of the stock is currently owned by institutional investors.
Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at 261.83 on Monday. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 14.31 and a beta of 0.51. The firm’s 50-day moving average is $257.10 and its 200-day moving average is $221.97. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $281.67.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $253.20 million for the quarter, compared to analysts’ expectations of $268.18 million. During the same quarter last year, the business earned $4.38 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. On average, equities analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current year.
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Several equities research analysts recently issued reports on CACC shares. Janney Montgomery Scott raised shares of Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and lifted their price target for the company from $187.00 to $200.00 in a report on Tuesday, May 2nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $226.00 price target (up from $212.00) on shares of Credit Acceptance Corporation in a report on Wednesday, May 3rd. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “strong-buy” rating and set a $248.00 price target on the stock in a report on Thursday, May 4th. BidaskClub raised shares of Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corporation in a report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $216.56.
In other news, major shareholder Jill Foss Watson sold 26,051 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $217.84, for a total value of $5,674,949.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total transaction of $669,300.00. The disclosure for this sale can be found here. Insiders sold 338,414 shares of company stock worth $82,800,276 in the last 90 days. Company 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.
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