Vident Investment Advisory LLC bought a new position in Credit Acceptance Corp. (NASDAQ:CACC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 912 shares of the credit services provider’s stock, valued at approximately $256,000.
Other institutional investors also recently made changes to their positions in the company. Abrams Bison Investments LLC boosted its stake in Credit Acceptance by 0.9% during the 2nd quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock valued at $300,740,000 after purchasing an additional 10,157 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Credit Acceptance by 11.4% during the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock worth $114,720,000 after acquiring an additional 45,768 shares in the last quarter. Koch Industries Inc. bought a new stake in shares of Credit Acceptance during the 2nd quarter worth $240,000. Dimensional Fund Advisors LP boosted its position in shares of Credit Acceptance by 6.7% in the third quarter. Dimensional Fund Advisors LP now owns 191,207 shares of the credit services provider’s stock worth $53,570,000 after buying an additional 11,956 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Credit Acceptance by 479.4% in the second quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock worth $35,626,000 after buying an additional 114,632 shares during the period. Institutional investors and hedge funds own 70.69% of the company’s stock.
Credit Acceptance Corp. (NASDAQ CACC) traded up $6.89 during mid-day trading on Thursday, reaching $339.50. 122,746 shares of the company traded hands, compared to its average volume of 149,618. The company has a market cap of $6,560.00, a PE ratio of 17.60, a PEG ratio of 1.30 and a beta of 0.54. Credit Acceptance Corp. has a 1 year low of $182.50 and a 1 year high of $340.00. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12.
Several analysts recently issued reports on the company. Oppenheimer initiated coverage on Credit Acceptance in a report on Monday. They set a “buy” rating and a $355.00 price objective for the company. Credit Suisse Group restated a “sell” rating and set a $270.00 target price on shares of Credit Acceptance in a report on Monday. BidaskClub downgraded Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 6th. Stephens set a $257.00 price target on Credit Acceptance and gave the company a “sell” rating in a research report on Wednesday, January 3rd. Finally, Bank of America lifted their target price on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $255.50.
In related news, major shareholder Jill Foss Watson sold 18,106 shares of the company’s stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 114,925 shares of company stock valued at $37,901,719. Company insiders own 5.80% of the company’s stock.
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About Credit Acceptance
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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