State Board of Administration of Florida Retirement System Decreases Position in Credit Acceptance Corp. (NASDAQ:CACC)

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State Board of Administration of Florida Retirement System lessened its holdings in Credit Acceptance Corp. (NASDAQ:CACC) by 2.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,241 shares of the credit services provider’s stock after selling 300 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.07% of Credit Acceptance worth $5,923,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CACC. Geode Capital Management LLC raised its holdings in Credit Acceptance by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 138,652 shares of the credit services provider’s stock valued at $52,931,000 after acquiring an additional 9,406 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Credit Acceptance by 10.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 1,474 shares of the credit services provider’s stock valued at $666,000 after acquiring an additional 142 shares during the period. SG Americas Securities LLC bought a new stake in Credit Acceptance during the first quarter valued at about $212,000. UMB Bank N A MO bought a new stake in Credit Acceptance during the first quarter valued at about $888,000. Finally, JLB & Associates Inc. raised its holdings in Credit Acceptance by 47.9% during the first quarter. JLB & Associates Inc. now owns 4,791 shares of the credit services provider’s stock valued at $2,165,000 after acquiring an additional 1,552 shares during the period. 61.63% of the stock is owned by institutional investors.

Shares of NASDAQ CACC opened at $454.29 on Thursday. The business’s 50 day moving average is $473.27 and its two-hundred day moving average is $467.08. The company has a debt-to-equity ratio of 1.89, a current ratio of 28.16 and a quick ratio of 28.16. Credit Acceptance Corp. has a 1-year low of $356.12 and a 1-year high of $509.99. The stock has a market capitalization of $8.53 billion, a P/E ratio of 16.00, a PEG ratio of 1.31 and a beta of 0.74.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $8.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $8.52 by $0.08. Credit Acceptance had a return on equity of 30.02% and a net margin of 45.15%. The company had revenue of $370.60 million for the quarter, compared to analysts’ expectations of $363.38 million. During the same period in the previous year, the firm posted $6.95 earnings per share. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. As a group, equities research analysts anticipate that Credit Acceptance Corp. will post 34.67 earnings per share for the current fiscal year.

A number of equities research analysts have commented on the company. BidaskClub cut Credit Acceptance from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research cut Credit Acceptance from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Credit Suisse Group set a $380.00 price target on Credit Acceptance and gave the company an “underperform” rating in a report on Wednesday, July 31st. BTIG Research reissued a “sell” rating and set a $340.00 price target on shares of Credit Acceptance in a report on Wednesday, July 31st. Finally, BMO Capital Markets lifted their target price on Credit Acceptance to $484.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $441.00.

About Credit Acceptance

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.

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

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