Envestnet Asset Management Inc. Boosts Stock Holdings in Credit Acceptance Corporation $CACC

Envestnet Asset Management Inc. increased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 8.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,990 shares of the credit services provider’s stock after buying an additional 2,583 shares during the period. Envestnet Asset Management Inc. owned 0.32% of Credit Acceptance worth $16,338,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Credit Acceptance by 20,200.0% during the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock worth $95,000 after acquiring an additional 202 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Credit Acceptance during the second quarter valued at approximately $150,000. Prudential Financial Inc. purchased a new stake in shares of Credit Acceptance in the second quarter valued at approximately $215,000. CFC Planning Co LLC purchased a new position in Credit Acceptance during the 3rd quarter worth $209,000. Finally, SG Americas Securities LLC increased its stake in shares of Credit Acceptance by 64.0% during the second quarter. SG Americas Securities LLC now owns 456 shares of the credit services provider’s stock valued at $232,000 after buying an additional 178 shares during the period. Institutional investors own 81.71% of the company’s stock.

Insider Buying and Selling

In other news, Director Kenneth Booth sold 2,000 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $508.00, for a total transaction of $1,016,000.00. Following the completion of the transaction, the director directly owned 22,832 shares in the company, valued at approximately $11,598,656. This represents a 8.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Wendy A. Rummler sold 5,236 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $493.44, for a total value of $2,583,651.84. Following the completion of the sale, the insider owned 20,772 shares in the company, valued at $10,249,735.68. This represents a 20.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 11,576 shares of company stock worth $5,824,119. 6.60% of the stock is owned by insiders.

Credit Acceptance Trading Down 0.2%

Shares of NASDAQ:CACC opened at $483.98 on Monday. The company has a current ratio of 15.81, a quick ratio of 15.81 and a debt-to-equity ratio of 3.94. The business has a 50 day moving average of $467.83 and a two-hundred day moving average of $473.61. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $549.75. The company has a market capitalization of $5.34 billion, a PE ratio of 13.26 and a beta of 1.27.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 EPS for the quarter, beating the consensus estimate of $10.30 by $1.05. The company had revenue of $408.20 million for the quarter, compared to analyst estimates of $582.63 million. Credit Acceptance had a return on equity of 28.46% and a net margin of 18.29%.Credit Acceptance’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $10.17 earnings per share. As a group, analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on CACC. TD Cowen boosted their price target on shares of Credit Acceptance from $460.00 to $470.00 and gave the company a “hold” rating in a report on Friday, January 30th. Zacks Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credit Acceptance in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $470.00.

Credit Acceptance Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.