Credit Acceptance Corp. (CACC) : Abrams Bison Investments scooped up 97,235 additional shares in Credit Acceptance Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,091,474 shares of Credit Acceptance Corp. which is valued at $218,131,079.Credit Acceptance Corp. makes up approximately 22.81% of Abrams Bison Investments’s portfolio.
Other Hedge Funds, Including , Highvista Strategies sold out all of its stake in CACC during the most recent quarter. The investment firm sold 18,752 shares of CACC which is valued $3,747,587. Raymond James Associates added CACC to its portfolio by purchasing 1,122 company shares during the most recent quarter which is valued at $224,232.Tiaa Cref Investment Management boosted its stake in CACC in the latest quarter, The investment management firm added 428 additional shares and now holds a total of 131,777 shares of Credit Acceptance Corp. which is valued at $26,335,633. Credit Acceptance Corp. makes up approx 0.02% of Tiaa Cref Investment Management’s portfolio.Alps Advisors Inc reduced its stake in CACC by selling 160 shares or 6.96% in the most recent quarter. The Hedge Fund company now holds 2,140 shares of CACC which is valued at $398,746.Parkwood reduced its stake in CACC by selling 348 shares or 14.76% in the most recent quarter. The Hedge Fund company now holds 2,009 shares of CACC which is valued at $389,083. Credit Acceptance Corp. makes up approx 0.06% of Parkwood’s portfolio.
Credit Acceptance Corp. opened for trading at $199.52 and hit $203.37 on the upside on Thursday, eventually ending the session at $200.71, with a gain of 0.53% or 1.06 points. The heightened volatility saw the trading volume jump to 1,57,510 shares. Company has a market cap of $4,080 M.
On the company’s financial health, Credit Acceptance Corp. reported $4.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.58 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $3.80. The company had revenue of $238.50 million for the quarter, compared to analysts expectations of $232.37 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS.
Many Wall Street Analysts have commented on Credit Acceptance Corp.. Company shares were Reiterated by Compass Point on Aug 1, 2016 to “Neutral”, Firm has raised the Price Target to $ 170 from a previous price target of $160 .Credit Acceptance Corp. was Downgraded by Credit Suisse to ” Underperform” on Jul 27, 2016.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers and from sales to customers responding to advertisements for it products. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program it advances money to dealer (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program the Company buys the consumer loans from the dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).