UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $12.35 Million Stock Position in Credit Acceptance Corporation $CACC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 8.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,393 shares of the credit services provider’s stock after purchasing an additional 1,549 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.19% of Credit Acceptance worth $12,348,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Credit Acceptance during the 2nd quarter worth about $408,849,000. Boston Partners bought a new stake in Credit Acceptance during the third quarter worth about $206,327,000. Goodnow Investment Group LLC bought a new stake in Credit Acceptance during the second quarter worth about $67,578,000. Smith Thomas W acquired a new position in Credit Acceptance during the fourth quarter valued at approximately $42,083,000. Finally, Renaissance Technologies LLC grew its stake in Credit Acceptance by 1,078.0% in the first quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock valued at $26,876,000 after purchasing an additional 58,080 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CACC. Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings upgraded Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. Finally, TD Cowen boosted their price target on Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Credit Acceptance currently has a consensus rating of “Hold” and a consensus target price of $570.00.

Insider Activity at Credit Acceptance

In related news, CFO Jay D. Martin sold 3,000 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total transaction of $1,803,120.00. Following the completion of the sale, the chief financial officer directly owned 25,963 shares of the company’s stock, valued at approximately $15,604,801.52. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jill Watson sold 11,000 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total value of $7,185,640.00. Following the completion of the sale, the insider owned 49,346 shares of the company’s stock, valued at $32,234,781.04. This trade represents a 18.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 44,289 shares of company stock valued at $27,525,241. Insiders own 6.10% of the company’s stock.

Credit Acceptance Trading Up 0.5%

CACC stock opened at $604.72 on Friday. The company has a debt-to-equity ratio of 3.84, a current ratio of 14.89 and a quick ratio of 14.89. The company has a fifty day moving average price of $602.14 and a two-hundred day moving average price of $542.79. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $668.86. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 13.30 and a beta of 1.35.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share for the quarter, missing the consensus estimate of $12.20 by ($0.08). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The company had revenue of $415.00 million during the quarter, compared to the consensus estimate of $588.07 million. During the same period in the previous year, the company earned $10.05 earnings per share. Credit Acceptance’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts anticipate that Credit Acceptance Corporation will post 47.8 EPS for the current year.

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.