Renaissance Technologies LLC Has $26.88 Million Stake in Credit Acceptance Corporation $CACC

Renaissance Technologies LLC raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 1,078.0% in the 1st quarter, Holdings Channel reports. The firm owned 63,468 shares of the credit services provider’s stock after purchasing an additional 58,080 shares during the quarter. Renaissance Technologies LLC’s holdings in Credit Acceptance were worth $26,876,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CACC. State of Wyoming bought a new stake in shares of Credit Acceptance in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Credit Acceptance in the fourth quarter worth approximately $27,000. Parallel Advisors LLC boosted its holdings in Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 59 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after acquiring an additional 24 shares during the last quarter. Finally, Allworth Financial LP increased its position in Credit Acceptance by 141.9% during the 3rd quarter. Allworth Financial LP now owns 104 shares of the credit services provider’s stock valued at $49,000 after purchasing an additional 61 shares during the period. 81.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on CACC shares. TD Cowen raised their price target on shares of Credit Acceptance from $500.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. Stephens increased their price objective on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Finally, Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $557.50.

Insider Activity at Credit Acceptance

In other news, CFO Jay D. Martin sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the sale, the chief financial officer directly owned 25,963 shares in the company, valued at $15,604,801.52. This trade represents a 10.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Lum sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $600.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief operating officer owned 31,609 shares of the company’s stock, valued at approximately $18,965,400. This represents a 15.95% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 47,304 shares of company stock worth $29,186,331. 6.10% of the stock is currently owned by insiders.

Credit Acceptance Stock Down 0.3%

Credit Acceptance stock opened at $556.71 on Thursday. The company has a market capitalization of $5.82 billion, a PE ratio of 13.83 and a beta of 1.36. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86. The firm’s fifty day moving average is $590.74 and its 200 day moving average is $521.88. The company has a quick ratio of 13.62, a current ratio of 13.62 and a debt-to-equity ratio of 4.09.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The company had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same quarter in the previous year, the business posted $9.35 earnings per share. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Credit Acceptance Corporation will post 47.5 EPS 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.