GSA Capital Partners LLP Invests $823,000 in Credit Acceptance Corporation $CACC

GSA Capital Partners LLP bought a new stake in Credit Acceptance Corporation (NASDAQ:CACC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,293 shares of the credit services provider’s stock, valued at approximately $823,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Versant Capital Management Inc boosted its position in Credit Acceptance by 587.5% during the 2nd quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock worth $35,000 after purchasing an additional 47 shares during the period. State of Wyoming purchased a new position in Credit Acceptance in the fourth quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Credit Acceptance during the fourth quarter worth about $27,000. Rockefeller Capital Management L.P. lifted its stake in shares of Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after purchasing an additional 24 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 59 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CACC shares. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research note 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 price target on Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $570.00.

Credit Acceptance Stock Performance

NASDAQ:CACC opened at $570.54 on Wednesday. The company has a debt-to-equity ratio of 3.84, a current ratio of 14.89 and a quick ratio of 14.89. The firm has a 50-day moving average of $597.59 and a two-hundred day moving average of $533.82. The stock has a market cap of $5.97 billion, a P/E ratio of 12.54 and a beta of 1.37. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $668.86.

Credit Acceptance (NASDAQ:CACC) last announced its 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). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $588.07 million. During the same quarter in the prior year, the business earned $10.05 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, research analysts expect that Credit Acceptance Corporation will post 47.8 earnings per share for the current fiscal year.

Insider Activity

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 11,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider directly owned 49,346 shares of the company’s stock, valued at $32,234,781.04. This represents a 18.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jay D. Martin sold 3,000 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer owned 25,963 shares of the company’s stock, valued at approximately $15,604,801.52. This trade represents a 10.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 44,289 shares of company stock worth $27,525,241 over the last quarter. 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.