Tom Brown’s Second Curve Capital Raises Exposure to First Acceptance Corporation (FAC); Discloses 5% Stake

Tom Brown’s Second Curve Capital has disclosed a passive stake in First Acceptance Corporation (NYSE:FAC). A filing with the Securities and Exchange Commission shows that Second Curve Capital owns 2.18 million shares of the company, equivalent to 5.3% of common stock, up from 1.38 million shares held previously.

first-acceptance-logo

First Acceptance Corporation (NYSE:FAC) is a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. The company has a market cap of $94.7 million.

For the three months ended December 31, 2013, First Acceptance Corporation (NYSE:FAC) reported net income of $3.2 million, or $0.07 per share on a diluted basis, compared with net income of $0.1 million, or $0.00 per share on a diluted basis, in the same period in 2012. Net income for the year ended December 31, 2013, was $9.2 million, or $0.22 per share on a diluted basis, compared with net loss of $9.0 million, or $0.22 per share on a diluted basis, for the year ended December 31, 2012.

In addition to Second Curve Capital, another shareholder of First Acceptance Corporation (NYSE:FAC) is Jim Simons’ Renaissance Technologies, which owned 107,200 shares of the company in the latest round of 13F filings. Another investor Grt Capital Partners, managed by Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk, held around 86,400 shares.

Last month, Second Curve Capital reported boosting its position in Meta Financial Group Inc. (NASDAQ:CASH), holding nearly 306,100 shares, equal to 5.01% of the company’s common stock.

According to Second Curve Capital’s latest 13F filing, NewStar Financial Inc (NASDAQ:NEWS) was the most valuable holding, in which the fund disclosed ownership of 4.94 million shares, worth $87.80 million. It is followed by Bank of America Corp. (NYSE:BAC), in which Second Curve Capital reported holding 8.86 million shares. Another important holding was Bancorp Inc (NASDAQ:TBBK), in which the fund disclosed holding 2.76 million shares.

Disclosure: none

Recommended Reading:

Becker Drapkin Management Reduce Stake In Response Genetics Inc (RGDX)

Steelhead Partners Cut Stake In Resolute Forest Products Inc (RFP)

Conan Laughlin’s North Tide Capital Reports 6% Passive Stake In Orthofix International NV (OFIX)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!