Allianz Asset Management GmbH Buys 5,107 Shares of Credit Acceptance Corporation $CACC

Allianz Asset Management GmbH increased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 21.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,095 shares of the credit services provider’s stock after buying an additional 5,107 shares during the period. Allianz Asset Management GmbH’s holdings in Credit Acceptance were worth $13,585,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in Credit Acceptance by 20,200.0% in the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock worth $95,000 after acquiring an additional 202 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Credit Acceptance during the second quarter worth approximately $150,000. CFC Planning Co LLC acquired a new position in shares of Credit Acceptance during the third quarter worth approximately $209,000. Prudential Financial Inc. bought a new position in shares of Credit Acceptance in the 2nd quarter worth $215,000. Finally, SG Americas Securities LLC grew its position in Credit Acceptance by 64.0% in the 2nd quarter. SG Americas Securities LLC now owns 456 shares of the credit services provider’s stock valued at $232,000 after purchasing an additional 178 shares during the period. 81.71% of the stock is owned by institutional investors and hedge funds.

Credit Acceptance Price Performance

Shares of NASDAQ:CACC opened at $508.90 on Friday. The company has a current ratio of 15.81, a quick ratio of 15.81 and a debt-to-equity ratio of 3.94. The stock has a market cap of $5.61 billion, a PE ratio of 13.94 and a beta of 1.27. The stock’s fifty day simple moving average is $464.55 and its two-hundred day simple moving average is $474.58. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $549.75.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Thursday, January 29th. The credit services provider reported $11.35 EPS for the quarter, beating the consensus estimate of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.46%. The company had revenue of $408.20 million during the quarter, compared to the consensus estimate of $582.63 million. During the same quarter in the prior year, the company posted $10.17 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on CACC shares. TD Cowen upped their price objective on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Zacks Research upgraded shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Credit Acceptance presently has a consensus rating of “Moderate Buy” and a consensus target price of $470.00.

Insider Buying and Selling

In other Credit Acceptance news, insider Wendy A. Rummler sold 5,236 shares of Credit Acceptance stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $493.44, for a total transaction of $2,583,651.84. Following the transaction, the insider owned 20,772 shares of the company’s stock, valued at $10,249,735.68. This trade represents a 20.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.60% of the company’s stock.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.