Barclays PLC Increases Stake in Credit Acceptance Co. (NASDAQ:CACC)

Barclays PLC increased its position in shares of Credit Acceptance Co. (NASDAQ:CACC) by 85.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,241 shares of the credit services provider’s stock after purchasing an additional 2,420 shares during the period. Barclays PLC’s holdings in Credit Acceptance were worth $2,324,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Credit Acceptance during the second quarter valued at approximately $51,000. Quest Partners LLC grew its position in Credit Acceptance by 11,900.0% in the 3rd quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock valued at $53,000 after acquiring an additional 119 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Credit Acceptance in the third quarter worth $177,000. Kovitz Investment Group Partners LLC bought a new stake in shares of Credit Acceptance during the third quarter worth $245,000. Finally, Headlands Technologies LLC boosted its stake in shares of Credit Acceptance by 24,850.0% during the second quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after purchasing an additional 497 shares during the period. 81.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CACC shares. StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Stephens started coverage on Credit Acceptance in a report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price target for the company. Finally, TD Cowen dropped their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research note on Friday, November 1st.

Insider Activity

In related news, COO Jonathan Lum sold 552 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total transaction of $270,424.80. Following the sale, the chief operating officer now owns 31,493 shares of the company’s stock, valued at $15,428,420.70. This trade represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.30% of the company’s stock.

Credit Acceptance Stock Up 1.6 %

Shares of Credit Acceptance stock opened at $468.79 on Thursday. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 31.48 and a beta of 1.46. The firm’s 50-day moving average is $467.38 and its two-hundred day moving average is $478.93. Credit Acceptance Co. has a 1 year low of $409.22 and a 1 year high of $616.66.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $0.91. The firm had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $10.70 earnings per share. As a group, research analysts expect that Credit Acceptance Co. will post 36.54 earnings per share for the current fiscal year.

Credit Acceptance Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.