Quantbot Technologies LP Takes Position in Credit Acceptance Corporation $CACC

Quantbot Technologies LP bought a new position in Credit Acceptance Corporation (NASDAQ:CACC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,146 shares of the credit services provider’s stock, valued at approximately $730,000.

A number of other large investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd raised its position in Credit Acceptance by 37.3% in the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after purchasing an additional 19 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Credit Acceptance by 2.1% during the first quarter. Pictet Asset Management Holding SA now owns 990 shares of the credit services provider’s stock valued at $419,000 after buying an additional 20 shares during the period. Rockefeller Capital Management L.P. boosted its position 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 valued at $31,000 after buying an additional 24 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Credit Acceptance by 4.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock valued at $253,000 after buying an additional 25 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Credit Acceptance by 6.3% during the fourth quarter. Cetera Investment Advisers now owns 508 shares of the credit services provider’s stock valued at $225,000 after buying an additional 30 shares during the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Price Performance

Shares of CACC stock opened at $593.64 on Thursday. 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 company has a market capitalization of $6.21 billion, a P/E ratio of 13.05 and a beta of 1.37. The company’s 50-day simple moving average is $601.72 and its two-hundred day simple moving average is $538.13. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $668.86.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 EPS for the quarter, missing analysts’ consensus estimates 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%.The business’s revenue was up .6% compared to the same quarter last year. During the same period last year, the business posted $10.05 earnings per share. As a group, equities analysts anticipate that Credit Acceptance Corporation will post 47.8 EPS for the current year.

Insider Activity at Credit Acceptance

In other Credit Acceptance news, insider Nicholas J. Elliott sold 3,487 shares of Credit Acceptance stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the completion of the sale, the insider directly owned 20,897 shares of the company’s stock, valued at $12,559,305.97. The trade was a 14.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 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 $18,965,400. This represents 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 sold a total of 44,289 shares of company stock worth $27,525,241 over the last three months. Corporate insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CACC. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. TD Cowen increased their target price on Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Finally, Zacks Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $570.00.

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.