Rhumbline Advisers lowered its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 2.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 14,906 shares of the credit services provider’s stock after selling 338 shares during the quarter. Rhumbline Advisers owned 0.08% of Credit Acceptance worth $4,176,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in Credit Acceptance by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 40 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Credit Acceptance by 102.8% in the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 22,463 shares in the last quarter. Rathbone Brothers plc purchased a new position in Credit Acceptance in the 3rd quarter valued at $210,000. First Capital Advisors Group LLC. purchased a new position in Credit Acceptance in the 3rd quarter valued at $233,000. Finally, Koch Industries Inc. purchased a new position in Credit Acceptance in the 2nd quarter valued at $240,000. 70.72% of the stock is currently owned by hedge funds and other institutional investors.
Credit Acceptance Corporation (NASDAQ:CACC) opened at $309.07 on Wednesday. Credit Acceptance Corporation has a fifty-two week low of $182.50 and a fifty-two week high of $309.67. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $5,906.61, a price-to-earnings ratio of 15.21, a PEG ratio of 1.25 and a beta of 0.53.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping the consensus estimate of $5.15 by $0.28. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The business had revenue of $283.90 million for the quarter, compared to analyst estimates of $281.03 million. During the same quarter in the previous year, the firm earned $4.53 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. research analysts expect that Credit Acceptance Corporation will post 20.84 earnings per share for the current year.
A number of research analysts have weighed in on the company. Bank of America raised their price objective on Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Credit Suisse Group raised their price objective on Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. BMO Capital Markets restated a “market perform” rating and issued a $252.00 price objective (up previously from $238.00) on shares of Credit Acceptance in a report on Tuesday, October 31st. Zacks Investment Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, Jefferies Group restated a “hold” rating and issued a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance in a report on Tuesday, October 10th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $229.78.
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About Credit Acceptance
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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