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Credit Crunch??
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ACAS just completed a 500M securitization backed by business loans they originated. The pricing of the offering was favorable for ACAS. See following link. http://biz.yahoo.com/prnews/070808/new103.html?.v=10 From July 9th until August 1st, ACAS fell from 47 to 37 or 27%. The market overreacted to the subprime problems and threw ACAS out with the bathwater. ACAS has tight underwriting, low delinquencies, and a strong deal flow which they can cherry pick. They don't chase deals like sub prime lenders. Since August 1st, ACAS has risen from 37 to 42, gaining 13%. Their 52 week high was just under 50. Finally, they were recently added to the S&P 500, so S&P index funds will be buying them. Much more upside here, not to mention an 8% dividend. | ||
