Envestnet Asset Management Inc. Acquires 2,901 Shares of Credit Acceptance Corporation (NASDAQ:CACC)

Envestnet Asset Management Inc. increased its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 10.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,351 shares of the credit services provider’s stock after buying an additional 2,901 shares during the period. Envestnet Asset Management Inc. owned 0.25% of Credit Acceptance worth $15,672,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CACC. Gamco Investors INC. ET AL grew its holdings in Credit Acceptance by 5.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,185 shares of the credit services provider’s stock valued at $1,026,000 after purchasing an additional 110 shares during the period. Bridgewater Associates LP grew its holdings in Credit Acceptance by 268.2% during the fourth quarter. Bridgewater Associates LP now owns 8,354 shares of the credit services provider’s stock valued at $3,922,000 after purchasing an additional 6,085 shares during the period. Teacher Retirement System of Texas acquired a new position in Credit Acceptance during the first quarter valued at approximately $794,000. Northern Trust Corp grew its holdings in Credit Acceptance by 7.9% during the fourth quarter. Northern Trust Corp now owns 37,772 shares of the credit services provider’s stock valued at $17,732,000 after purchasing an additional 2,773 shares during the period. Finally, CX Institutional acquired a new position in shares of Credit Acceptance in the first quarter valued at approximately $36,000. 81.71% of the stock is owned by institutional investors.

Insider Activity at Credit Acceptance

In related news, insider Daniel A. Ulatowski sold 6,356 shares of the company’s stock in a transaction dated 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 directly owned 28,290 shares in the company, valued at approximately $14,771,906.40. This represents a 18.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew K. Rostami sold 375 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $505.29, for a total transaction of $189,483.75. Following the completion of the sale, the insider owned 25,478 shares in the company, valued at approximately $12,873,778.62. The trade was a 1.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,731 shares of company stock worth $14,307,733. Corporate insiders own 5.30% of the company’s stock.

Credit Acceptance Stock Up 0.6%

Credit Acceptance stock opened at $505.06 on Friday. The stock has a market capitalization of $5.86 billion, a PE ratio of 21.55 and a beta of 1.15. Credit Acceptance Corporation has a twelve month low of $409.22 and a twelve month high of $614.40. 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 company has a 50 day moving average of $502.30 and a 200-day moving average of $494.69.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). Credit Acceptance had a return on equity of 28.60% and a net margin of 13.03%. The business had revenue of $571.10 million during the quarter, compared to the consensus estimate of $570.25 million. During the same period in the prior year, the firm earned $9.28 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities research analysts anticipate that Credit Acceptance Corporation will post 53.24 EPS 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.