Quantinno Capital Management LP Purchases 1,265 Shares of Credit Acceptance Corporation $CACC

Quantinno Capital Management LP grew its position in Credit Acceptance Corporation (NASDAQ:CACC) by 20.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,360 shares of the credit services provider’s stock after buying an additional 1,265 shares during the period. Quantinno Capital Management LP owned approximately 0.07% of Credit Acceptance worth $3,117,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CACC. Royal Bank of Canada increased its position in shares of Credit Acceptance by 31.6% during the first quarter. Royal Bank of Canada now owns 1,916 shares of the credit services provider’s stock valued at $989,000 after acquiring an additional 460 shares in the last quarter. AQR Capital Management LLC lifted its position in Credit Acceptance by 230.6% in the 1st quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock valued at $3,961,000 after acquiring an additional 5,500 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Credit Acceptance by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider’s stock valued at $12,334,000 after acquiring an additional 900 shares in the last quarter. Creative Planning boosted its stake in Credit Acceptance by 35.6% during the 2nd quarter. Creative Planning now owns 529 shares of the credit services provider’s stock valued at $269,000 after purchasing an additional 139 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Credit Acceptance by 4.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,077 shares of the credit services provider’s stock valued at $2,586,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Trading Up 0.7%

NASDAQ:CACC opened at $585.58 on Friday. The company has a current ratio of 14.89, a quick ratio of 13.62 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. The company has a market cap of $6.13 billion, a PE ratio of 12.88 and a beta of 1.37. The company has a 50 day simple moving average of $594.11 and a two-hundred day simple moving average of $526.77.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing the consensus estimate of $12.20 by ($0.08). The firm had revenue of $415.00 million for the quarter, compared to the consensus estimate of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. Credit Acceptance’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $10.05 earnings per share. Research analysts forecast that Credit Acceptance Corporation will post 47.8 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CACC shares. Stephens boosted their price target on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, TD Cowen upped their target price on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $570.00.

Insider Activity at Credit Acceptance

In related news, COO Jonathan Lum sold 6,000 shares of the company’s stock in a transaction on 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 sale, the chief operating officer owned 31,609 shares in the company, valued at approximately $18,965,400. This represents a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jay D. Martin sold 3,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the transaction, the chief financial officer directly owned 25,963 shares in the company, valued at approximately $15,604,801.52. This represents a 10.36% 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 have sold 44,289 shares of company stock valued at $27,525,241 in the last 90 days. 6.10% of the stock is owned by company insiders.

Credit Acceptance 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.