PICO Holdings: More To The River Road by Activist Stocks
River Road Asset Management is a fairly large $7bn fund. It is a diversified fund, but still owns 5% or so of companies given it’s still. However, all those stakes are passive. So the fact that it went active (13D filing) on PICO Holdings in February is interesting. It’s only the third company the fund has ever gone active on in its seven year history.
The fund went active back in early February with a 5% stake. Now it owns 8.8% of the company at a cost basis around $19 a share (the stock trades around $18.40 as of 4/10). Toward the end of February, River Road sent a Setup a free account to get access to this article (no credit card required).Login required to continue reading.
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