Envestnet Portfolio Solutions Inc. Acquires New Position in Credit Acceptance Co. (NASDAQ:CACC)

Envestnet Portfolio Solutions Inc. bought a new position in Credit Acceptance Co. (NASDAQ:CACC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,205 shares of the credit services provider’s stock, valued at approximately $566,000.

A number of other institutional investors also recently modified their holdings of CACC. Quest Partners LLC increased its stake in shares of Credit Acceptance by 11,900.0% in the third quarter. Quest Partners LLC now owns 120 shares of the credit services provider’s stock worth $53,000 after acquiring an additional 119 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Credit Acceptance by 24.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock valued at $41,704,000 after purchasing an additional 18,530 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Credit Acceptance by 148.7% during the 3rd quarter. Quantbot Technologies LP now owns 3,069 shares of the credit services provider’s stock worth $1,361,000 after purchasing an additional 1,835 shares in the last quarter. FMR LLC lifted its holdings in shares of Credit Acceptance by 13.1% during the 3rd quarter. FMR LLC now owns 1,037 shares of the credit services provider’s stock valued at $460,000 after buying an additional 120 shares during the last quarter. Finally, Bridgewater Associates LP bought a new stake in shares of Credit Acceptance in the 3rd quarter valued at approximately $1,006,000. Institutional investors and hedge funds own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CACC shares. StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Friday, January 31st. Stephens lifted their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an “equal weight” rating in a research note on Friday, January 31st.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC opened at $514.57 on Wednesday. The business’s 50-day simple moving average is $499.07 and its 200-day simple moving average is $473.66. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $614.96. The company has a debt-to-equity ratio of 3.63, a quick ratio of 20.33 and a current ratio of 20.33. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 25.91 and a beta of 1.51.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 EPS for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. As a group, equities research analysts expect that Credit Acceptance Co. will post 53.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credit Acceptance news, insider Nicholas J. Elliott sold 300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $502.00, for a total value of $150,600.00. Following the sale, the insider now owns 19,385 shares of the company’s stock, valued at $9,731,270. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.30% of the company’s stock.

Credit Acceptance 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.