California State Teachers Retirement System Decreases Position in Credit Acceptance Corp. (CACC)

California State Teachers Retirement System reduced its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 9.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,081 shares of the credit services provider’s stock after selling 1,956 shares during the quarter. California State Teachers Retirement System owned approximately 0.09% of Credit Acceptance worth $5,066,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CACC. The Manufacturers Life Insurance Company lifted its stake in Credit Acceptance by 6.9% in the second quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 40 shares during the last quarter. SG Americas Securities LLC lifted its stake in Credit Acceptance by 102.8% in the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 22,463 shares during the last quarter. Rathbone Brothers plc acquired a new stake in Credit Acceptance in the third quarter valued at approximately $210,000. First Capital Advisors Group LLC. acquired a new stake in Credit Acceptance in the third quarter valued at approximately $233,000. Finally, Koch Industries Inc. acquired a new stake in Credit Acceptance in the second quarter valued at approximately $240,000. Institutional investors and hedge funds own 70.69% of the company’s stock.

In other news, major shareholder Jill Foss Watson sold 18,106 shares of the business’s stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 114,925 shares of company stock valued at $37,901,719 over the last 90 days. 5.80% of the stock is owned by corporate insiders.

A number of analysts have issued reports on the stock. Credit Suisse Group lifted their target price on shares of Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. Bank of America lifted their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. BMO Capital Markets reiterated a “hold” rating and issued a $238.00 target price on shares of Credit Acceptance in a research note on Friday, October 6th. BidaskClub upgraded shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 12th. Finally, Zacks Investment Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $229.78.

Shares of Credit Acceptance Corp. (CACC) opened at $328.63 on Wednesday. The company has a debt-to-equity ratio of 2.12, a current ratio of 17.63 and a quick ratio of 17.63. Credit Acceptance Corp. has a one year low of $182.50 and a one year high of $338.12. The firm has a market cap of $6,246.47, a price-to-earnings ratio of 17.00, a PEG ratio of 1.28 and a beta of 0.54.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.28. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The business had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. During the same period in the previous year, the company earned $4.53 earnings per share. Credit Acceptance’s revenue for the quarter was up 15.1% on a year-over-year basis. research analysts anticipate that Credit Acceptance Corp. will post 20.74 EPS for the current fiscal year.

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Credit Acceptance Profile

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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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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