Leon Cooperman Sells Some Shares of Resource America

Leon Cooperman, the manager of Omega Advisors, reported reducing his position in Resource America Inc (NASDAQ:REXI). Mr. Cooperman sold some 377,800 shares of the company, cutting his stake to slightly above 1.03 million shares. Out of the holding, around 221,000 shares are held by Cooperman’s son, Michael S. Cooperman. The shares have been disposed in six transactions, the total proceedings amounting to $3.5 million.

The stock of asset management company Resource America has grown by over 40% since the beginning of the year. The company posted a GAAP net income of $3.4 million, equal to $0.16 per share for the third quarter of the year, versus a net loss of $2.3 million in the same period of last year. In January-September period, the net income of the company increased to $5.1 million, or $0.23 per share, from $25.6 million net loss posted a year ago. At the end of September, the company had $16.5 billion in Assets Under Management, up from $15 billion held a year ago.

Even after slicing his holding in the company, Leon Cooperman is still one of the largest stockholders of the company. Aside from him, Yacktman Asset Management, led by Donald Yacktman, reported owning over 1.5 million shares, worth $12.1 million, in the latest round of 13F filings. D. E. Shaw’s D E Shaw, and Jim Simons’ Renaissance Technologies hold smaller positions which amass 24,300 shares, and 11,600 shares respectively, with values of $195,000 and $93,000 respectively. All positions have remained flat over the quarter.

Leon Cooperman disclosed its equity portfolio as at the end of September, revealing its largest holding in SLM Corp (NASDAQ:SLM). The position amasses 12.9 million shares, worth $321.6 million. In American International Group Inc (NYSE:AIG), Mr. Cooperman revealed a $282.4 million stake, which contains 5.8 million shares, while in Sirius XM Holdings Inc (NASDAQ:SIRI), Cooperman disclosed ownership of 71.9 million shares, with an aggregate value of $278.6 million.

Disclosure: none

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