Boy, has it been a phenominal three trading days for Resource America Inc (NASDAQ:REXI) shareholders as the stock has surged close to 80% since Thursday morning when it was announced in a filing that activist investor Leon Cooperman, Omega Advisors’ CEO and chairman, had taken a large stake in the company.
Cooperman is said to now own 1.98 million shares of Resource America Inc (NASDAQ:REXI), or approximately 12.7% of the company. This equates to holdings which are now worth north of $12.19 million, over $5 million more than what he likely had paid. The stock is currently trading at its highest level since early November as shareholders clearly like the fact that Cooperman is now involved. The stock is currently trading higher by 19.64% or $1.02 following the positive news, hitting $6.22 per share at the time of us publishing this article. About 655,447 shares traded hands or up 403.27% from the average. REXI has declined 36.89% since May 26, 2015 and is currently downtrending. It has underperformed the S&P500 by 34.63%.
The institutional sentiment decreased to 0.71 in Q2 2015. It’s down 0.82, from 1.53 in 2015Q2. The ratio is negative, as 3 funds sold all their Resource America Inc shares they owned while 21 reduced their positions. 3 funds bought stakes while 14 increased their total positions. Institutions now own 7.43 million shares which is 11.92% less than the previous share count of 8.43 million in 2015Q2.
Beach Investment Management Llc. holds 3.56% of its total portfolio in Resource America Inc, equating to 256,851 shares. Beach Investment Counsel Inc Pa owns 747,269 shares representing 0.61% of their total US portfolio. Moreover, Boston Provident L.P. has 0.41% of their total portfolio invested in the company, equating to 73,107 shares. The New York-based Norman Fields Gottscho Capital Management Llc has a total of 0.22% of their portfolio invested in the stock. Omega Advisors Inc., a New York-based fund reported 779,187 shares owned.
Resource America, Inc. is an asset management company. The company has a market cap of $102.04 million. The Firm evaluates, originates, services and manages investment opportunities through its real estate, financial fund management and commercial finance subsidiaries as well as its joint ventures. It currently has negative earnings. The Firm operates in three divisions: Real Estate, Financial Fund Management and Commercial Finance.