Legal & General Group Plc Takes Position in Credit Acceptance Corporation $CACC

Legal & General Group Plc acquired a new position in shares of Credit Acceptance Corporation (NASDAQ:CACC) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 12,464 shares of the credit services provider’s stock, valued at approximately $7,936,000. Legal & General Group Plc owned 0.12% of Credit Acceptance at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State of Wyoming bought a new stake in Credit Acceptance during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in shares of Credit Acceptance in the fourth quarter worth $27,000. Parallel Advisors LLC grew its stake 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 purchasing an additional 59 shares in the last quarter. Altshuler Shaham Ltd increased its holdings in shares of Credit Acceptance by 37.3% during the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 19 shares during the period. Finally, Rockefeller Capital Management L.P. increased 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 purchasing an additional 24 shares during the period. 81.71% of the stock is owned by institutional investors.

Insider Activity at Credit Acceptance

In related news, major shareholder Jill Foss Watson sold 11,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $653.24, for a total transaction of $7,185,640.00. Following the completion of the sale, the insider directly owned 49,346 shares of the company’s stock, valued at $32,234,781.04. This represents a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas J. Elliott sold 3,487 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the sale, the insider owned 20,897 shares of the company’s stock, valued at $12,559,305.97. The trade was a 14.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 44,289 shares of company stock worth $27,525,241. Company insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen raised their target price on shares of Credit Acceptance from $575.00 to $600.00 and gave the company a “hold” rating in a research note on Wednesday, August 5th. Finally, 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. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $570.00.

Credit Acceptance Trading Down 0.9%

Shares of Credit Acceptance stock opened at $594.18 on Wednesday. The company has a quick ratio of 14.89, a current ratio of 14.89 and a debt-to-equity ratio of 3.84. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 13.06 and a beta of 1.35. The business has a fifty day simple moving average of $602.97 and a 200-day simple moving average of $540.66. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The firm had revenue of $415.00 million for the quarter, compared to analyst estimates of $588.07 million. During the same period in the previous year, the firm earned $10.05 earnings per share. Credit Acceptance’s revenue was up .6% on a year-over-year basis. On average, equities analysts forecast that Credit Acceptance Corporation will post 47.8 EPS for the current fiscal year.

About Credit Acceptance

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.