Denali Advisors LLC Raises Stake in Credit Acceptance Corp. (CACC)

Denali Advisors LLC raised its holdings in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 600.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,400 shares of the credit services provider’s stock after buying an additional 1,200 shares during the period. Denali Advisors LLC’s holdings in Credit Acceptance were worth $613,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CACC. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Credit Acceptance by 57.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 616 shares of the credit services provider’s stock valued at $218,000 after buying an additional 226 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Credit Acceptance in the first quarter valued at $244,000. Financial Architects Inc bought a new position in shares of Credit Acceptance in the second quarter valued at $254,000. Strs Ohio bought a new position in shares of Credit Acceptance in the second quarter valued at $277,000. Finally, Xact Kapitalforvaltning AB grew its stake in shares of Credit Acceptance by 29.2% in the first quarter. Xact Kapitalforvaltning AB now owns 886 shares of the credit services provider’s stock valued at $293,000 after buying an additional 200 shares in the last quarter. 67.58% of the stock is owned by institutional investors.

In other Credit Acceptance news, insider Arthur L. Smith sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $460.98, for a total transaction of $921,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charles A. Pearce sold 1,000 shares of the firm’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $426.93, for a total value of $426,930.00. The disclosure for this sale can be found here. Insiders have sold a total of 76,500 shares of company stock valued at $34,100,502 in the last ninety days. Insiders own 5.40% of the company’s stock.

Several research firms recently weighed in on CACC. BidaskClub raised shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 23rd. Zacks Investment Research raised shares of Credit Acceptance from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Friday, August 3rd. JMP Securities raised their target price on shares of Credit Acceptance from $260.00 to $350.00 and gave the company a “market underperform” rating in a research note on Thursday, August 2nd. BMO Capital Markets raised their target price on shares of Credit Acceptance from $305.00 to $312.00 and gave the company a “market perform” rating in a research note on Thursday, August 2nd. Finally, Susquehanna Bancshares raised their target price on shares of Credit Acceptance from $350.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. Four analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $336.25.

Shares of Credit Acceptance stock opened at $411.92 on Thursday. Credit Acceptance Corp. has a 1 year low of $277.20 and a 1 year high of $467.26. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 0.81 and a beta of 0.56. The company has a debt-to-equity ratio of 2.03, a current ratio of 33.69 and a quick ratio of 33.69.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Tuesday, July 31st. The credit services provider reported $6.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.44 by $0.51. Credit Acceptance had a return on equity of 28.97% and a net margin of 46.43%. The business had revenue of $315.40 million during the quarter, compared to the consensus estimate of $303.55 million. On average, sell-side analysts forecast that Credit Acceptance Corp. will post 27.36 EPS for the current fiscal year.

Credit Acceptance Company 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.

Read More: Intrinsic Value and Stock Selection

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

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