Levine Leichtman Capital Partners Reduces Stake in Consumer Portfolio Services

Levine Leichtman Capital Partners recently disclosed that they were reducing their stake in Consumer Portfolio Services, Inc. (NASDAQ:CPSS) to below 3.1 million shares, from the previously held 3.4 million, a filing with the SEC showed. After the sale, the investment firm reduced its stake to some 13% of the company, from the previously owned 15.1%. The value of the remaining shares owned by the firm amounts to some $17.8 million, at the current price of Consumer Portfolio Services’ stock.

Consumer Portfolio Services in engaged in automobile financing services, with a focus on customers with credit problems, low income and limited credit history. In the previous quarter, the company’s earnings surged, amounting $4.8 million or equivalent to $0.15 per share, from $1.3 million reported for the same period of last year, the company said in a statement. The increase in earnings came amid a boost of revenues which advanced by 60% on the year and totaled $70.5 million.

Independent investment firm Levine Leichtman Capital Partners is focused on U.S-based companies from the middle market, with over $6 billion of managed institutional capital. Aside from LLCP, some other funds that are also invested in Consumer Portfolio Services are Millennium Management, managed by Israel Englander, which owns 767,300 shares, Jim Simons’ Renaissance Technologies with 320,600 shares and Cliff Asness’ Aqr Capital Management, which at the end of last quarter held 57,300 shares.

Recommended Reading:

Hedge Fund News: Carl Icahn, Bill Ackman & Man Group’s Sell Ratings

Here’s What This $22 Billion Money Manager Has Been Buying and Selling

Hedge Fund News: Ben Bernanke, Cliff Asness & George Soros’s Housing Bet

Disclosure: none