1,492 Shares in Credit Acceptance Corporation $CACC Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund purchased a new stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) during the 3rd quarter, HoldingsChannel reports. The firm purchased 1,492 shares of the credit services provider’s stock, valued at approximately $697,000.

A number of other large investors also recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its position in Credit Acceptance by 20,200.0% during the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock worth $95,000 after purchasing an additional 202 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Credit Acceptance during the 2nd quarter valued at approximately $150,000. CFC Planning Co LLC acquired a new stake in Credit Acceptance in the 3rd quarter valued at $209,000. Prudential Financial Inc. acquired a new position in Credit Acceptance during the second quarter worth $215,000. Finally, SG Americas Securities LLC lifted its holdings in Credit Acceptance by 64.0% during the second quarter. SG Americas Securities LLC now owns 456 shares of the credit services provider’s stock valued at $232,000 after purchasing an additional 178 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Price Performance

Shares of NASDAQ CACC opened at $485.65 on Friday. The firm has a 50-day simple moving average of $469.67 and a 200-day simple moving average of $474.18. The company has a quick ratio of 15.81, a current ratio of 16.91 and a debt-to-equity ratio of 4.10. The stock has a market capitalization of $5.22 billion, a price-to-earnings ratio of 13.31 and a beta of 1.27. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $549.75.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.86%. The company had revenue of $408.20 million during the quarter, compared to analysts’ expectations of $582.63 million. During the same quarter in the prior year, the company earned $10.17 EPS. Credit Acceptance’s revenue was up 2.5% compared to the same quarter last year. On average, equities analysts predict that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Insider Activity at Credit Acceptance

In related news, CFO Jay D. Martin sold 4,340 shares of Credit Acceptance stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $512.55, for a total transaction of $2,224,467.00. Following the transaction, the chief financial officer owned 25,963 shares in the company, valued at approximately $13,307,335.65. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kenneth Booth sold 2,000 shares of the business’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $508.00, for a total value of $1,016,000.00. Following the transaction, the director directly owned 22,832 shares in the company, valued at $11,598,656. This trade represents a 8.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 11,576 shares of company stock valued at $5,824,119. 6.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. TD Cowen boosted their target price on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a research note on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Credit Acceptance in a report on Wednesday, January 21st. Finally, Zacks Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $470.00.

Credit Acceptance 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.