Seven Bridges Advisors buys $2,797,858 stake in Credit Acceptance Corp. (CACC)

Credit Acceptance Corp. (CACC) : Seven Bridges Advisors scooped up 5,370 additional shares in Credit Acceptance Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 2, 2016. The investment management firm now holds a total of 15,095 shares of Credit Acceptance Corp. which is valued at $2,797,858.Credit Acceptance Corp. makes up approximately 2.25% of Seven Bridges Advisors’s portfolio.

Credit Acceptance Corp. opened for trading at $182.23 and hit $186.78 on the upside on Friday, eventually ending the session at $185.35, with a gain of 1.37% or 2.5 points. The heightened volatility saw the trading volume jump to 1,16,536 shares. Company has a market cap of $3,768 M.

Other Hedge Funds, Including , Rhumbline Advisers boosted its stake in CACC in the latest quarter, The investment management firm added 110 additional shares and now holds a total of 10,888 shares of Credit Acceptance Corp. which is valued at $2,018,091. Credit Acceptance Corp. makes up approx 0.01% of Rhumbline Advisers’s portfolio.Cantillon Capital Management reduced its stake in CACC by selling 17,957 shares or 4.05% in the most recent quarter. The Hedge Fund company now holds 424,941 shares of CACC which is valued at $83,403,170. Credit Acceptance Corp. makes up approx 1.45% of Cantillon Capital Management’s portfolio.

Many Wall Street Analysts have commented on Credit Acceptance Corp.. Credit Acceptance Corp. was Downgraded by JMP Securities to ” Mkt Underperform” on Mar 16, 2016. Company shares were Reiterated by Compass Point on Feb 16, 2016 to “Neutral”, Firm has raised the Price Target to $ 160 from a previous price target of $150 .Credit Acceptance Corp. was Downgraded by Raymond James to ” Underperform” on Feb 3, 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).

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