Public Employees Retirement System of Ohio Makes New $760,000 Investment in Credit Acceptance Corporation $CACC

Public Employees Retirement System of Ohio purchased a new stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,193 shares of the credit services provider’s stock, valued at approximately $760,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in Credit Acceptance in the 2nd quarter valued at approximately $19,347,000. BlackRock Inc. acquired a new position in Credit Acceptance during the second quarter worth $408,849,000. Corient Private Wealth LP acquired a new position in Credit Acceptance during the second quarter worth $856,000. SG Americas Securities LLC boosted its position in shares of Credit Acceptance by 429.9% during the first quarter. SG Americas Securities LLC now owns 12,835 shares of the credit services provider’s stock worth $5,435,000 after buying an additional 10,413 shares during the period. Finally, Redwood Investment Management LLC purchased a new position in shares of Credit Acceptance during the second quarter worth $1,158,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Stock Up 0.5%

Shares of NASDAQ CACC opened at $596.99 on Thursday. The stock has a market cap of $6.24 billion, a P/E ratio of 13.13 and a beta of 1.35. The business’s fifty day simple moving average is $599.44 and its 200-day simple moving average is $545.40. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $668.86. 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 issued 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 company had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $588.07 million. Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.Credit Acceptance’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $10.05 EPS. As a group, equities analysts predict that Credit Acceptance Corporation will post 47.8 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CACC shares. TD Cowen boosted their price objective on Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. Zacks Research lowered 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 research report on Thursday, July 16th. One 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.com, the stock has a consensus rating of “Hold” and a consensus price target of $570.00.

Insider Activity

In other Credit Acceptance news, insider Nicholas J. Elliott sold 2,306 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $629.99, for a total transaction of $1,452,756.94. Following the completion of the transaction, the insider owned 20,897 shares in the company, valued at $13,164,901.03. The trade was a 9.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jay D. Martin sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total transaction of $1,803,120.00. Following the transaction, the chief financial officer owned 25,963 shares of the company’s stock, valued at $15,604,801.52. This trade represents a 10.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 44,289 shares of company stock valued at $27,525,241. 6.10% of the stock is owned by corporate insiders.

About Credit Acceptance

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.