Amalgamated Bank Has $181,000 Holdings in Credit Acceptance Co. (NASDAQ:CACC)

Amalgamated Bank cut its position in Credit Acceptance Co. (NASDAQ:CACC) by 64.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 408 shares of the credit services provider’s stock after selling 755 shares during the quarter. Amalgamated Bank’s holdings in Credit Acceptance were worth $181,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. UMB Bank n.a. grew its stake in Credit Acceptance by 4.6% in the 2nd quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock valued at $337,000 after buying an additional 29 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Credit Acceptance by 3.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 2,161 shares of the credit services provider’s stock valued at $1,191,000 after purchasing an additional 72 shares during the period. nVerses Capital LLC bought a new stake in Credit Acceptance in the 2nd quarter valued at $51,000. Wedge Capital Management L L P NC boosted its holdings in Credit Acceptance by 4.2% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,617 shares of the credit services provider’s stock valued at $1,160,000 after purchasing an additional 105 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Credit Acceptance by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 573 shares of the credit services provider’s stock valued at $316,000 after purchasing an additional 125 shares during the period. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. StockNews.com raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Stephens assumed coverage on shares of Credit Acceptance in a report on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price target for the company. Finally, TD Cowen reduced their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st.

Credit Acceptance Price Performance

NASDAQ:CACC opened at $445.32 on Monday. The company has a 50-day moving average of $449.16 and a 200-day moving average of $482.84. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 29.91 and a beta of 1.42. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $616.66. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. The company had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $10.70 EPS. As a group, equities research analysts anticipate that Credit Acceptance Co. will post 37.14 earnings per share for the current fiscal year.

Insider Transactions at Credit Acceptance

In related news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $451.01, for a total transaction of $541,212.00. Following the completion of the sale, the insider now owns 74,450 shares in the company, valued at $33,577,694.50. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.30% of the stock is owned by insiders.

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.