New York State Common Retirement Fund Sells 300 Shares of Credit Acceptance Co. (NASDAQ:CACC)

New York State Common Retirement Fund trimmed its position in Credit Acceptance Co. (NASDAQ:CACC) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,400 shares of the credit services provider’s stock after selling 300 shares during the period. New York State Common Retirement Fund’s holdings in Credit Acceptance were worth $2,877,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Credit Acceptance by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 30,759 shares of the credit services provider’s stock worth $14,153,000 after buying an additional 1,028 shares during the last quarter. Manhattan West Asset Management LLC increased its holdings in shares of Credit Acceptance by 18.8% during the third quarter. Manhattan West Asset Management LLC now owns 4,721 shares of the credit services provider’s stock valued at $2,172,000 after acquiring an additional 747 shares in the last quarter. JLB & Associates Inc. raised its position in shares of Credit Acceptance by 1.1% in the 3rd quarter. JLB & Associates Inc. now owns 6,169 shares of the credit services provider’s stock valued at $2,838,000 after purchasing an additional 66 shares during the last quarter. M&T Bank Corp boosted its stake in Credit Acceptance by 2.7% in the 3rd quarter. M&T Bank Corp now owns 1,038 shares of the credit services provider’s stock worth $478,000 after purchasing an additional 27 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Credit Acceptance by 0.7% during the 3rd quarter. Victory Capital Management Inc. now owns 4,163 shares of the credit services provider’s stock worth $1,915,000 after purchasing an additional 29 shares during the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Douglas W. Busk sold 2,500 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value of $1,431,450.00. Following the completion of the sale, the insider now owns 3,112 shares of the company’s stock, valued at approximately $1,781,868.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. TD Cowen reduced their target price on Credit Acceptance from $465.00 to $420.00 and set a “sell” rating for the company in a research note on Thursday, May 2nd. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Credit Acceptance presently has a consensus rating of “Hold” and a consensus price target of $402.33.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC opened at $522.17 on Tuesday. The company’s fifty day moving average price is $542.31 and its 200 day moving average price is $511.97. The company has a market capitalization of $6.32 billion, a PE ratio of 26.79 and a beta of 1.44. Credit Acceptance Co. has a 1 year low of $379.77 and a 1 year high of $616.66. The company has a debt-to-equity ratio of 3.29, a quick ratio of 13.79 and a current ratio of 13.79.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $9.28 earnings per share for the quarter, topping analysts’ consensus estimates of $6.81 by $2.47. Credit Acceptance had a return on equity of 30.70% and a net margin of 12.83%. The company had revenue of $508.00 million during the quarter, compared to analysts’ expectations of $497.71 million. During the same quarter in the prior year, the firm posted $9.71 EPS. Credit Acceptance’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, research analysts predict that Credit Acceptance Co. will post 40.95 earnings per share for the current year.

About Credit Acceptance

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.