Credit Acceptance Corporation $CACC Stock Position Raised by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 78.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 14,999 shares of the credit services provider’s stock after buying an additional 6,581 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Credit Acceptance were worth $7,964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC boosted its position in Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after acquiring an additional 59 shares during the last quarter. Altshuler Shaham Ltd grew its stake in Credit Acceptance by 37.3% during the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after acquiring an additional 19 shares in the last quarter. Versant Capital Management Inc grew its stake in Credit Acceptance by 587.5% during the 2nd quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock valued at $35,000 after acquiring an additional 47 shares in the last quarter. Root Financial Partners LLC acquired a new stake in Credit Acceptance in the 3rd quarter valued at about $35,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Credit Acceptance in the 2nd quarter valued at about $38,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Stock Down 2.0%

Shares of NASDAQ:CACC opened at $503.53 on Friday. Credit Acceptance Corporation has a 52-week low of $405.00 and a 52-week high of $668.86. The stock has a market cap of $5.11 billion, a P/E ratio of 16.44 and a beta of 1.45. The business has a fifty day moving average of $548.02 and a two-hundred day moving average of $539.80. The company has a quick ratio of 13.49, a current ratio of 13.49 and a debt-to-equity ratio of 4.68.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Thursday, October 29th. The credit services provider reported $13.01 EPS for the quarter, topping the consensus estimate of $12.86 by $0.15. Credit Acceptance had a return on equity of 33.84% and a net margin of 14.39%. The business had revenue of $420.30 million for the quarter, compared to analyst estimates of $596.40 million. During the same quarter in the previous year, the firm earned $10.28 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts expect that Credit Acceptance Corporation will post 47.61 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Zacks Research lowered shares of Credit Acceptance from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 3rd. TD Cowen lowered their target price on Credit Acceptance from $590.00 to $470.00 and set a “hold” rating on the stock in a report on Friday, October 30th. Finally, Weiss Ratings lowered Credit Acceptance from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, November 2nd. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $505.00.

Credit Acceptance Company Profile

Credit Acceptance Corporation is an automotive finance company that helps automobile dealers arrange financing for consumers, including buyers who may have difficulty obtaining credit through traditional lenders. The company works with participating dealers to provide financing options at the point of sale. Its programs generally involve purchasing or financing retail installment contracts originated by dealers and then servicing those contracts. Credit Acceptance also provides dealers with tools and support related to vehicle financing and loan management.