State of New Jersey Common Pension Fund D Boosts Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

State of New Jersey Common Pension Fund D grew its stake in shares of Credit Acceptance Co. (NASDAQ:CACC) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,685 shares of the credit services provider’s stock after buying an additional 708 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Credit Acceptance were worth $3,029,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Realta Investment Advisors lifted its position in shares of Credit Acceptance by 2.4% during the 4th quarter. Realta Investment Advisors now owns 854 shares of the credit services provider’s stock valued at $455,000 after buying an additional 20 shares in the last quarter. Arizona State Retirement System lifted its holdings in Credit Acceptance by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 1,827 shares of the credit services provider’s stock worth $841,000 after purchasing an additional 25 shares in the last quarter. M&T Bank Corp lifted its holdings 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. Victory Capital Management Inc. lifted its holdings in Credit Acceptance by 0.7% in 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 in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in Credit Acceptance by 15.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock worth $180,000 after purchasing an additional 46 shares in the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Credit Acceptance has an average rating of “Hold” and an average price target of $381.75.

Credit Acceptance Stock Up 2.1 %

NASDAQ CACC opened at $526.60 on Friday. The stock’s 50 day moving average is $547.08 and its 200 day moving average is $507.97. The company has a current ratio of 15.71, a quick ratio of 15.71 and a debt-to-equity ratio of 2.84. Credit Acceptance Co. has a 12 month low of $379.77 and a 12 month high of $616.66. The stock has a market cap of $6.48 billion, a PE ratio of 23.91 and a beta of 1.45.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Wednesday, January 31st. The credit services provider reported $10.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.17 by $0.89. The business had revenue of $491.60 million for the quarter, compared to analysts’ expectations of $478.80 million. Credit Acceptance had a return on equity of 30.94% and a net margin of 15.04%. Research analysts predict that Credit Acceptance Co. will post 40.95 EPS for the current fiscal year.

Insider Transactions at Credit Acceptance

In other news, insider Douglas W. Busk sold 500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $579.98, for a total transaction of $289,990.00. Following the sale, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $1,804,897.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Douglas W. Busk sold 500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $579.98, for a total transaction of $289,990.00. Following the sale, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $1,804,897.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $572.58, for a total value of $1,431,450.00. Following the sale, the insider now directly owns 3,112 shares in the company, valued at $1,781,868.96. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Credit Acceptance Profile

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.