Legal & General Group Plc Purchases New Shares in Credit Acceptance Corporation $CACC

Legal & General Group Plc purchased a new stake in Credit Acceptance Corporation (NASDAQ:CACC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 12,464 shares of the credit services provider’s stock, valued at approximately $7,936,000.

A number of other institutional investors have also recently bought and sold shares of the stock. State of Wyoming acquired a new stake in Credit Acceptance during the 4th quarter worth about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Credit Acceptance in the fourth quarter worth about $27,000. Parallel Advisors LLC boosted its holdings in shares of Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after buying an additional 59 shares during the period. Altshuler Shaham Ltd increased its position in shares of Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after acquiring an additional 19 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after acquiring an additional 24 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Transactions at Credit Acceptance

In other Credit Acceptance news, insider Nicholas J. Elliott sold 2,306 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $629.99, for a total transaction of $1,452,756.94. Following the completion of the sale, the insider owned 20,897 shares of the company’s stock, valued at $13,164,901.03. This represents a 9.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jonathan Lum sold 6,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.00, for a total value of $3,600,000.00. Following the transaction, the chief operating officer owned 31,609 shares in the company, valued at approximately $18,965,400. This trade represents a 15.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 44,289 shares of company stock worth $27,525,241. 6.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 16th. TD Cowen lifted their price objective on shares of Credit Acceptance from $575.00 to $600.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $570.00.

Credit Acceptance Trading Down 0.9%

Shares of NASDAQ:CACC opened at $594.18 on Wednesday. The company has a current ratio of 14.89, a quick ratio of 14.89 and a debt-to-equity ratio of 3.84. The stock has a market capitalization of $6.22 billion, a PE ratio of 13.06 and a beta of 1.35. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $668.86. The firm has a fifty day moving average price of $602.97 and a 200 day moving average price of $540.66.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results 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). The company had revenue of $415.00 million for the quarter, compared to the consensus estimate of $588.07 million. Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. Credit Acceptance’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the business earned $10.05 earnings per share. Analysts expect that Credit Acceptance Corporation will post 47.8 EPS for the current fiscal year.

Credit Acceptance Company 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.