Allianz Asset Management GmbH Purchases 5,107 Shares of Credit Acceptance Corporation $CACC

Allianz Asset Management GmbH increased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 21.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,095 shares of the credit services provider’s stock after buying an additional 5,107 shares during the quarter. Allianz Asset Management GmbH owned 0.26% of Credit Acceptance worth $13,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in Credit Acceptance by 31.6% during the 1st quarter. Royal Bank of Canada now owns 1,916 shares of the credit services provider’s stock worth $989,000 after acquiring an additional 460 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Credit Acceptance by 230.6% during the first quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock worth $3,961,000 after purchasing an additional 5,500 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Credit Acceptance by 3.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider’s stock worth $12,334,000 after purchasing an additional 900 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in Credit Acceptance by 7.7% in the second quarter. KLP Kapitalforvaltning AS now owns 1,400 shares of the credit services provider’s stock valued at $713,000 after purchasing an additional 100 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Credit Acceptance by 9.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 818 shares of the credit services provider’s stock worth $417,000 after purchasing an additional 73 shares during the last quarter. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credit Acceptance

In related news, insider Wendy A. Rummler sold 5,236 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $493.44, for a total transaction of $2,583,651.84. Following the transaction, the insider owned 20,772 shares in the company, valued at $10,249,735.68. The trade was a 20.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Credit Acceptance Stock Up 2.8%

Shares of NASDAQ:CACC opened at $508.90 on Friday. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $549.75. The company has a debt-to-equity ratio of 3.94, a current ratio of 15.81 and a quick ratio of 15.81. The business’s 50-day moving average is $464.55 and its 200-day moving average is $474.58. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of 13.94 and a beta of 1.27.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Thursday, January 29th. The credit services provider reported $11.35 earnings per share for the quarter, topping analysts’ consensus estimates of $10.30 by $1.05. The business had revenue of $408.20 million during the quarter, compared to the consensus estimate of $582.63 million. Credit Acceptance had a return on equity of 28.46% and a net margin of 18.29%.The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $10.17 earnings per share. Equities research analysts predict that Credit Acceptance Corporation will post 53.24 earnings per share for the current 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.