California Public Employees Retirement System Reduces Stake in Credit Acceptance Co. (NASDAQ:CACC)

California Public Employees Retirement System lowered its position in Credit Acceptance Co. (NASDAQ:CACCGet Rating) by 6.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,783 shares of the credit services provider’s stock after selling 1,198 shares during the period. California Public Employees Retirement System’s holdings in Credit Acceptance were worth $8,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Baird Financial Group Inc. boosted its position in Credit Acceptance by 3.6% in the second quarter. Baird Financial Group Inc. now owns 742 shares of the credit services provider’s stock valued at $351,000 after buying an additional 26 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in Credit Acceptance by 1.3% in the second quarter. Treasurer of the State of North Carolina now owns 2,929 shares of the credit services provider’s stock valued at $1,387,000 after buying an additional 37 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Credit Acceptance by 920.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock valued at $28,000 after acquiring an additional 46 shares during the period. Bank of Montreal Can lifted its holdings in Credit Acceptance by 3.1% in the first quarter. Bank of Montreal Can now owns 2,203 shares of the credit services provider’s stock valued at $1,227,000 after acquiring an additional 67 shares during the period. Finally, Meeder Asset Management Inc. lifted its holdings in Credit Acceptance by 251.9% in the second quarter. Meeder Asset Management Inc. now owns 95 shares of the credit services provider’s stock valued at $45,000 after acquiring an additional 68 shares during the period. Hedge funds and other institutional investors own 63.11% of the company’s stock.

Credit Acceptance Trading Up 0.1 %

Shares of CACC stock opened at $474.73 on Wednesday. The company has a debt-to-equity ratio of 2.79, a current ratio of 15.89 and a quick ratio of 15.89. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 10.80 and a beta of 1.37. The stock has a 50 day simple moving average of $459.95 and a 200-day simple moving average of $512.79. Credit Acceptance Co. has a 1-year low of $397.58 and a 1-year high of $699.08.

Analyst Upgrades and Downgrades

CACC has been the subject of a number of analyst reports. StockNews.com initiated coverage on Credit Acceptance in a report on Wednesday, October 12th. They issued a “hold” rating for the company. BMO Capital Markets decreased their price target on Credit Acceptance from $477.00 to $364.00 and set a “market perform” rating for the company in a report on Thursday, November 3rd. Stephens decreased their price target on Credit Acceptance from $519.00 to $442.00 and set an “equal weight” rating for the company in a report on Wednesday, November 2nd. Finally, Credit Suisse Group decreased their price target on Credit Acceptance from $430.00 to $410.00 and set an “underperform” rating for the company in a report on Wednesday, November 2nd.

Credit Acceptance Profile

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Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

See Also

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

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