Credit Acceptance Corporation (NASDAQ:CACC) Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Credit Acceptance Corporation by 6.9% in the first quarter, now holding 22,285 shares valued at approximately $11.5 million.
• Other institutional investors, including Vanguard Group Inc. and Beck Mack & Oliver LLC, increased their stakes in Credit Acceptance during the fourth quarter, contributing to 81.71% of the stock being owned by institutional investors.
• Credit Acceptance reported a miss on earnings estimates in its latest quarterly results, with an EPS of $9.35 compared to a consensus estimate of $10.31.

Allianz Asset Management GmbH cut its holdings in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 6.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,285 shares of the credit services provider's stock after selling 1,651 shares during the quarter. Allianz Asset Management GmbH owned about 0.19% of Credit Acceptance worth $11,507,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. London Co. of Virginia purchased a new position in shares of Credit Acceptance in the fourth quarter worth about $48,148,000. Crow s Nest Holdings LP purchased a new position in shares of Credit Acceptance in the fourth quarter worth about $35,210,000. Twin Lions Management LLC purchased a new position in shares of Credit Acceptance in the fourth quarter worth about $21,093,000. Millennium Management LLC raised its stake in shares of Credit Acceptance by 708.8% in the fourth quarter. Millennium Management LLC now owns 43,426 shares of the credit services provider's stock worth $20,387,000 after purchasing an additional 38,057 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Credit Acceptance by 805.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 27,450 shares of the credit services provider's stock worth $12,887,000 after purchasing an additional 24,417 shares during the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Jill Foss Watson sold 20,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the sale, the insider directly owned 102,107 shares of the company's stock, valued at $55,134,716.79. This trade represents a 16.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel A. Ulatowski sold 6,356 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 28,290 shares in the company, valued at approximately $14,771,906.40. The trade was a 18.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,731 shares of company stock valued at $14,307,733 over the last ninety days. Company insiders own 5.30% of the company's stock.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC traded down $5.14 during trading on Monday, hitting $515.33. The stock had a trading volume of 47,247 shares, compared to its average volume of 115,120. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 21.99 and a beta of 1.15. Credit Acceptance Corporation has a 12-month low of $409.22 and a 12-month high of $590.50. The stock has a 50-day simple moving average of $504.35 and a two-hundred day simple moving average of $497.22. The company has a quick ratio of 17.64, a current ratio of 17.64 and a debt-to-equity ratio of 3.92.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing the consensus estimate 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 was up 12.4% on a year-over-year basis. During the same period last year, the business earned $9.28 earnings per share. On average, equities research analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

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.