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Luxor Capital Group Adds More Shares to Stake in RCS Capital Corp (RCAP)

Christian Leone‘s Luxor Capital Group has edged up its activist stake in RCS Capital Corp (NYSE:RCAP), a new filing with the SEC showed. Luxor has reported holding 24.35 million shares of the company, versus some 24.00 million held at the beginning of June. The new stake amasses around 13.33 million shares and 5.67 million shares issuable after the conversion of convertible preffered stock and convertible notes, as well as 2.40 million shares issuable after the excercise of the Call/Put Agreement. The position accounts to almost 10% of the company’s class A ommon stock.

Christian Leone

Luxor Capital has reported a new stake in RCS Capital Corp (NYSE:RCAP) at the beginning of May, declaring holding 20.66 million class A shares. The company has a market cap of $642.5 million and its stock has returned over 23% since the beginning of the year, although since May it has experiences a significant downfall, dropping by 29%.  It is a holding company specialized in the wholesale broker-dealer, investment banking and capital markets businesses.

Among other investors in RCS Capital Corp (NYSE:RCAP), is John Fichthorn‘s Dialectic Capital Management, which held a small stake in the company, containing only around 6,000 shares. Ken Griffin‘s Citadel Investment Group has sold out its position in the company during the first quarter, previously holding around 11,100 shares. Among the insiders of the company, the president of RCS, Edward Weil, has recently acquired around 2,500 shares of the company, currently holding close to 3,500 shares.

Yesterday, RCS Capital has reported its preliminary results for the second quarter of the year. As follows, the company reported Assets Under Administration worth $204.9 billion, up by almost 3% on the quarter, while revenues from transaction-based investment banking amounted to $23 million for the second quarter. Currently, the consensus estimate for RCS Capital Corp (NYSE:RCAP)’s EPS for the second quarter stands at around $0.37, down in comparison to $0.77 reported for the first quarter of the year, which was significantly above the estimates.

Disclosure: none

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