UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 1,549 Shares of Credit Acceptance Corporation $CACC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 8.7% during the second quarter, HoldingsChannel.com reports. The firm owned 19,393 shares of the credit services provider’s stock after acquiring an additional 1,549 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Credit Acceptance were worth $12,348,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of Credit Acceptance by 587.5% during the 2nd quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock valued at $35,000 after acquiring an additional 47 shares during the period. State of Wyoming bought a new stake in Credit Acceptance during the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Credit Acceptance in the 4th quarter valued at $27,000. Rockefeller Capital Management L.P. increased its stake in shares of Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after buying an additional 59 shares in the last quarter. 81.71% of the stock is owned by institutional investors.

Insider Activity at Credit Acceptance

In related news, CFO Jay Martin sold 3,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer owned 25,963 shares of the company’s stock, valued at $15,604,801.52. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Lum sold 6,000 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $600.00, for a total value of $3,600,000.00. Following the transaction, the chief operating officer directly owned 31,609 shares in the company, valued at $18,965,400. The trade was a 15.95% 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 valued at $27,525,241 in the last quarter. Insiders own 6.10% of the company’s stock.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $604.72 on Friday. The business’s 50-day moving average price is $602.14 and its 200-day moving average price is $542.79. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $668.86. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of 13.30 and a beta of 1.35. 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 (NASDAQ:CACC) last released its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.20 by ($0.08). The firm had revenue of $415.00 million during the quarter, compared to analyst estimates of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $10.05 EPS. Equities research analysts forecast that Credit Acceptance Corporation will post 47.8 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on CACC shares. TD Cowen raised their price objective on Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $570.00.

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.