California State Teachers Retirement System Has $5.15 Million Holdings in Credit Acceptance Corporation (CACC)

California State Teachers Retirement System raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 21.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,037 shares of the credit services provider’s stock after buying an additional 3,605 shares during the quarter. California State Teachers Retirement System owned about 0.10% of Credit Acceptance Corporation worth $5,153,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. SG Americas Securities LLC grew its holdings in Credit Acceptance Corporation by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after buying an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Credit Acceptance Corporation by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after buying an additional 40 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Credit Acceptance Corporation by 46.1% during the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after buying an additional 231 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Credit Acceptance Corporation during the 1st quarter valued at $177,000. Finally, Trust Co. of Toledo NA OH acquired a new stake in Credit Acceptance Corporation during the 2nd quarter valued at $279,000. Hedge funds and other institutional investors own 72.92% of the company’s stock.

A number of brokerages have commented on CACC. BMO Capital Markets reiterated a “market perform” rating and set a $252.00 target price (up previously from $238.00) on shares of Credit Acceptance Corporation in a report on Tuesday. Bank of America Corporation increased their price target on Credit Acceptance Corporation from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday. JMP Securities reissued an “underperform” rating and set a $195.00 price target (up previously from $180.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Credit Suisse Group increased their price target on Credit Acceptance Corporation from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday. Finally, Jefferies Group LLC reissued a “hold” rating and set a $240.00 price target (up previously from $215.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The company currently has an average rating of “Hold” and an average price target of $229.78.

In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 29,956 shares of Credit Acceptance Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $270.81, for a total transaction of $8,112,384.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 5.80% of the company’s stock.

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Credit Acceptance Corporation (NASDAQ CACC) opened at 286.73 on Wednesday. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $299.92. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 15.67 and a beta of 0.55. The firm’s 50 day moving average price is $279.65 and its 200-day moving average price is $250.97.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping the consensus estimate of $5.15 by $0.28. Credit Acceptance Corporation had a net margin of 35.29% and a return on equity of 33.13%. The firm had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. During the same period in the previous year, the company posted $4.53 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Analysts expect that Credit Acceptance Corporation will post $19.90 EPS for the current year.

About Credit Acceptance Corporation

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

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