Park Avenue Securities LLC Takes $680,000 Position in Credit Acceptance Co. (NASDAQ:CACC)

Park Avenue Securities LLC acquired a new stake in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,449 shares of the credit services provider's stock, valued at approximately $680,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CACC. Renaissance Technologies LLC boosted its position in shares of Credit Acceptance by 38.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,900 shares of the credit services provider's stock valued at $4,066,000 after acquiring an additional 2,200 shares during the last quarter. Smead Capital Management Inc. raised its stake in Credit Acceptance by 3.5% in the third quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider's stock valued at $92,155,000 after purchasing an additional 7,012 shares in the last quarter. Ascent Group LLC lifted its position in Credit Acceptance by 12.2% during the second quarter. Ascent Group LLC now owns 5,602 shares of the credit services provider's stock valued at $2,883,000 after purchasing an additional 611 shares during the last quarter. Geode Capital Management LLC grew its stake in Credit Acceptance by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider's stock worth $49,401,000 after buying an additional 2,522 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Credit Acceptance by 85.8% in the 3rd quarter. Barclays PLC now owns 5,241 shares of the credit services provider's stock worth $2,324,000 after buying an additional 2,420 shares during the last quarter. Institutional investors own 81.71% of the company's stock.

Credit Acceptance Price Performance

Shares of CACC stock traded up $18.85 during trading hours on Thursday, hitting $524.14. 99,643 shares of the company's stock were exchanged, compared to its average volume of 54,703. Credit Acceptance Co. has a 12-month low of $409.22 and a 12-month high of $616.66. The company has a market capitalization of $6.35 billion, a PE ratio of 35.20 and a beta of 1.46. The business's 50 day simple moving average is $473.29 and its 200-day simple moving average is $475.55. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last issued its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts' consensus estimates of $7.88 by $0.91. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The company had revenue of $550.30 million for the quarter, compared to analysts' expectations of $548.13 million. During the same quarter last year, the company earned $10.70 EPS. The firm's revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts anticipate that Credit Acceptance Co. will post 36.53 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CACC. TD Cowen dropped their price objective on shares of Credit Acceptance from $400.00 to $380.00 and set a "sell" rating for the company in a report on Friday, November 1st. Stephens began coverage on Credit Acceptance in a research report on Wednesday, November 13th. They set an "equal weight" rating and a $452.00 price target on the stock. Finally, StockNews.com cut Credit Acceptance from a "buy" rating to a "hold" rating in a report on Thursday.

Insider Buying and Selling

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of the business's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now owns 31,493 shares in the company, valued at approximately $15,428,420.70. The trade was a 1.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.30% of the stock is owned by corporate insiders.

Credit Acceptance Company 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.