State Board of Administration of Florida Retirement System boosted its position in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,541 shares of the credit services provider’s stock after acquiring an additional 260 shares during the period. State Board of Administration of Florida Retirement System owned 0.07% of Credit Acceptance worth $5,668,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CACC. BlackRock Inc. raised its holdings in shares of Credit Acceptance by 2.4% in the fourth quarter. BlackRock Inc. now owns 507,169 shares of the credit services provider’s stock valued at $193,618,000 after acquiring an additional 11,929 shares in the last quarter. Cantillon Capital Management LLC raised its holdings in shares of Credit Acceptance by 1.0% in the fourth quarter. Cantillon Capital Management LLC now owns 306,643 shares of the credit services provider’s stock valued at $117,064,000 after acquiring an additional 3,018 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Credit Acceptance by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 138,652 shares of the credit services provider’s stock valued at $52,931,000 after acquiring an additional 9,406 shares in the last quarter. Norges Bank bought a new stake in shares of Credit Acceptance in the fourth quarter valued at about $42,095,000. Finally, RV Capital GmbH bought a new position in Credit Acceptance in the fourth quarter worth about $41,994,000. Institutional investors own 61.79% of the company’s stock.
CACC has been the subject of a number of recent research reports. BidaskClub downgraded shares of Credit Acceptance from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Stephens boosted their price target on Credit Acceptance from $381.00 to $495.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 30th. Zacks Investment Research lowered Credit Acceptance from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Buckingham Research initiated coverage on Credit Acceptance in a research note on Thursday, March 28th. They set a “neutral” rating and a $440.00 price target on the stock. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Credit Acceptance presently has an average rating of “Hold” and an average target price of $407.67.
In other news, CFO Kenneth Booth sold 1,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $500.00, for a total transaction of $500,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.00% of the stock is currently owned by company insiders.
Shares of NASDAQ CACC traded down $3.11 during mid-day trading on Friday, reaching $486.59. 55,475 shares of the company’s stock were exchanged, compared to its average volume of 95,728. Credit Acceptance Corp. has a 52-week low of $347.99 and a 52-week high of $509.99. The stock has a market cap of $9.18 billion, a PE ratio of 17.14, a P/E/G ratio of 0.89 and a beta of 0.77. The company has a current ratio of 31.27, a quick ratio of 31.27 and a debt-to-equity ratio of 2.07.
Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Monday, April 29th. The credit services provider reported $8.08 EPS for the quarter, beating analysts’ consensus estimates of $7.93 by $0.15. Credit Acceptance had a return on equity of 30.17% and a net margin of 46.00%. The company had revenue of $342.80 million during the quarter, compared to analysts’ expectations of $350.35 million. During the same period last year, the business posted $6.11 EPS. Credit Acceptance’s revenue for the quarter was up 16.0% on a year-over-year basis. Research analysts predict that Credit Acceptance Corp. will post 34.22 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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