Verition Fund Management LLC Buys Shares of 3,139 Credit Acceptance Co. (NASDAQ:CACC)

Verition Fund Management LLC purchased a new stake in Credit Acceptance Co. (NASDAQ:CACCGet Rating) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,139 shares of the credit services provider’s stock, valued at approximately $1,728,000.

Other hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its holdings in shares of Credit Acceptance by 920.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock valued at $28,000 after buying an additional 46 shares during the period. Harbor Investment Advisory LLC lifted its holdings in shares of Credit Acceptance by 195.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 59 shares of the credit services provider’s stock valued at $32,000 after buying an additional 39 shares during the period. Knuff & Co LLC acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $54,000. MetLife Investment Management LLC acquired a new stake in shares of Credit Acceptance in the 1st quarter valued at approximately $101,000. Finally, Covestor Ltd lifted its holdings in shares of Credit Acceptance by 57.6% in the 1st quarter. Covestor Ltd now owns 227 shares of the credit services provider’s stock valued at $125,000 after buying an additional 83 shares during the period. 63.11% of the stock is owned by institutional investors and hedge funds.

Credit Acceptance Stock Performance

Shares of CACC stock opened at $493.87 on Tuesday. The stock has a fifty day moving average price of $542.52 and a 200 day moving average price of $540.70. The stock has a market cap of $6.38 billion, a PE ratio of 9.27 and a beta of 1.36. Credit Acceptance Co. has a 1 year low of $452.48 and a 1 year high of $703.27. The company has a debt-to-equity ratio of 3.01, a quick ratio of 15.39 and a current ratio of 15.39.

Credit Acceptance (NASDAQ:CACCGet Rating) last issued its quarterly earnings data on Monday, August 1st. The credit services provider reported $7.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.14 by ($4.20). The firm had revenue of $457.40 million for the quarter, compared to analyst estimates of $454.77 million. Credit Acceptance had a return on equity of 47.19% and a net margin of 42.75%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $13.71 earnings per share. Sell-side analysts forecast that Credit Acceptance Co. will post 54.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Credit Suisse Group reduced their price target on Credit Acceptance from $460.00 to $440.00 and set an “underperform” rating for the company in a report on Tuesday, August 2nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $435.50.

Credit Acceptance Profile

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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.

Further Reading

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

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