Credit Acceptance Corporation (NASDAQ:CACC) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 38.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 745 shares of the credit services provider’s stock after selling 460 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Credit Acceptance were worth $385,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Citadel Investment Advisory Inc. lifted its stake in shares of Credit Acceptance by 5.6% in the first quarter. Citadel Investment Advisory Inc. now owns 2,959 shares of the credit services provider’s stock worth $1,527,000 after acquiring an additional 157 shares in the last quarter. CX Institutional acquired a new position in shares of Credit Acceptance in the first quarter worth about $36,000. Harbor Capital Advisors Inc. bought a new stake in Credit Acceptance in the first quarter valued at about $49,000. Wedge Capital Management L L P NC increased its holdings in Credit Acceptance by 8.0% in the first quarter. Wedge Capital Management L L P NC now owns 2,901 shares of the credit services provider’s stock valued at $1,498,000 after buying an additional 214 shares during the last quarter. Finally, Park Avenue Securities LLC increased its holdings in Credit Acceptance by 10.3% in the first quarter. Park Avenue Securities LLC now owns 1,598 shares of the credit services provider’s stock valued at $825,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Insider Activity at Credit Acceptance

In related news, insider Andrew K. Rostami sold 375 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $505.29, for a total value of $189,483.75. Following the sale, the insider now directly owns 25,478 shares in the company, valued at $12,873,778.62. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel A. Ulatowski sold 6,356 shares of Credit Acceptance stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total value of $3,318,848.96. Following the transaction, the insider now owns 28,290 shares in the company, valued at approximately $14,771,906.40. This trade represents a 18.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is owned by insiders.

Credit Acceptance Stock Down 1.2%

Shares of Credit Acceptance stock opened at $502.66 on Friday. The company has a quick ratio of 17.64, a current ratio of 17.64 and a debt-to-equity ratio of 3.92. The firm has a market cap of $5.83 billion, a P/E ratio of 21.44 and a beta of 1.15. Credit Acceptance Corporation has a fifty-two week low of $409.22 and a fifty-two week high of $614.96. The business has a 50-day moving average price of $491.05 and a 200 day moving average price of $490.36.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). The company had revenue of $571.10 million for the quarter, compared to analyst estimates of $570.25 million. Credit Acceptance had a return on equity of 28.60% and a net margin of 13.03%. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.28 earnings per share. On average, sell-side analysts forecast that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Credit Acceptance Company 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.