Revenue Update on First Acceptance Corporation(NYSE:FAC)

First Acceptance Corporation(NYSE:FAC) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 19, 2016. Company reported revenue of $102.75M. Analysts estimated a revenue of $199.87M. Earnings per share were $-0.48.

First Acceptance Corporation (FAC) made into the market gainers list on Mondays trading session with the shares advancing 3.85% or 0.04 points. Due to strong positive momentum, the stock ended at $1.08, which is also near the day’s high of $1.1. The stock began the session at $1.03 and the volume stood at 25,484 shares. The 52-week high of the shares is $2.99 and the 52 week low is $1.01. The company has a current market capitalization of $44 M and it has 4,10,96,037 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Nov 18, 2015, Rhodes R Bobbitt (director) purchased 21,200 shares at $2.33 per share price.Also, On Nov 18, 2015, Brent J Gay (CFO) purchased 5,000 shares at $2.29 per share price.On May 15, 2015, Lyndon L Jr Olson (director) purchased 50,000 shares at $2.96 per share price, according to the Form-4 filing with the securities and exchange commission.

First Acceptance Corporation is a retailer servicer and underwriter of non-standard personal automobile insurance based in Nashville Tennessee. The Company writes non-standard personal automobile insurance in 13 states and is licensed as an insurer in 12 additional states. The Company’s core business involves issuing automobile insurance policies categorized as non-standard to individuals based primarily on their inability or unwillingness to obtain insurance coverage from standard carriers due to various factors including their payment history or need for monthly payment plans failure to maintain continuous insurance coverage or driving record. In addition to non-standard personal automobile insurance it also offers optional products that provide ancillary reimbursements and benefits in the event of an automobile accident. It also offers and underwrites a tenant homeowner policy that provides contents and liability coverage to those of its customers who are renters.

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