Leon Cooperman (Trades, Portfolio) has disclosed a sizable stake in specialized alternative asset manager Resource America Inc. (REXI, Financial), according to GuruFocus Real Time Picks.
Cooperman is the founder of Omega Advisors Inc., an investment adviser with $9.2 billion under management. He holds 2,696,168 shares of the company, or 11.7% of its outstanding shares, as of May 29. The stock’s price closed at $8.19 per share that day and has declined about 9% year to date to close at $8.19 per share on Tuesday.
Cooperman previous held a stake in Resource America starting in the second quarter of 2012. He sold out of the company in the third quarter of 2014 after reducing the position for several quarters.
The company, which focuses on real estate and credit investments, announced first quarter business results on May 7. The company generated adjusted net income of $2.2 million, or $0.10 per diluted share compared to $2.3 million or $0.11 per diluted share in the same quarter a year ago. Revenue was $42.19 million, compared to $42.62 million in the same quarter a year ago.
Resource America’s gross assets under management also increased by 16% since March 31, 2014. It repurchased 233,038 shares at $9.04 per share during the quarter.
The company has paid a consecutive quarterly cash dividend for over 19 years and paid out $0.06 per share on April 30.
Resource America has a P/B ratio close to a one-year low at 1.18. Its P/E ratio, at 30.2, is close to a one-year high.
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