Invictus RG bought a new stake in Credit Acceptance Corp. (NASDAQ:CACC) during the third quarter, Holdings Channel reports. The institutional investor bought 677 shares of the credit services provider’s stock, valued at approximately $297,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Credit Acceptance by 4.4% in the second quarter. BlackRock Inc. now owns 509,990 shares of the credit services provider’s stock valued at $180,231,000 after purchasing an additional 21,628 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Credit Acceptance by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 203,207 shares of the credit services provider’s stock valued at $89,021,000 after purchasing an additional 4,116 shares during the period. AXA raised its position in shares of Credit Acceptance by 481.8% in the third quarter. AXA now owns 129,162 shares of the credit services provider’s stock valued at $56,582,000 after purchasing an additional 106,962 shares during the period. Hsbc Holdings PLC raised its position in shares of Credit Acceptance by 4.3% in the third quarter. Hsbc Holdings PLC now owns 115,287 shares of the credit services provider’s stock valued at $50,500,000 after purchasing an additional 4,743 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Credit Acceptance by 4.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 86,218 shares of the credit services provider’s stock valued at $30,470,000 after purchasing an additional 3,356 shares during the period. Hedge funds and other institutional investors own 62.07% of the company’s stock.
In other Credit Acceptance news, insider Prescott General Partners Llc sold 9,506 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The shares were sold at an average price of $423.39, for a total value of $4,024,745.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott J. Vassalluzzo sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $413.10, for a total transaction of $2,065,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 36,818 shares of company stock valued at $15,431,423. Corporate insiders own 5.40% of the company’s stock.
Several analysts have recently issued reports on CACC shares. BidaskClub raised shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 23rd. Oppenheimer set a $420.00 price target on shares of Credit Acceptance and gave the company a “buy” rating in a research report on Tuesday, October 30th. Credit Suisse Group upped their target price on shares of Credit Acceptance from $310.00 to $335.00 and gave the stock an “underperform” rating in a report on Tuesday, October 30th. BMO Capital Markets upped their target price on shares of Credit Acceptance from $312.00 to $333.00 and gave the stock a “market perform” rating in a report on Thursday, November 1st. Finally, Zacks Investment Research reaffirmed a “buy” rating and set a $438.00 target price on shares of Credit Acceptance in a report on Monday, November 12th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Credit Acceptance presently has an average rating of “Hold” and an average price target of $362.71.
Credit Acceptance stock opened at $386.39 on Friday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 36.75 and a current ratio of 36.75. The company has a market cap of $7.38 billion, a P/E ratio of 18.90, a PEG ratio of 0.80 and a beta of 0.52. Credit Acceptance Corp. has a 1-year low of $297.63 and a 1-year high of $467.26.
Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Monday, October 29th. The credit services provider reported $7.75 EPS for the quarter, topping the Zacks’ consensus estimate of $6.90 by $0.85. Credit Acceptance had a net margin of 48.70% and a return on equity of 28.83%. The business had revenue of $332.00 million during the quarter, compared to analysts’ expectations of $327.45 million. During the same quarter in the previous year, the company earned $5.43 EPS. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. Research analysts expect that Credit Acceptance Corp. will post 27.89 EPS for the current year.
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Credit Acceptance Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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