Stilwell, who manages several investment funds headquartered in New York, now controls almost 9 percent of the outstanding stock of United Insurance (OTCBB: UIHC),according to a filing with the U.S. Securities and Exchange Commission .
He had 917,230 shares as of May 23, about 130,000 more shares than when he initially disclosed his holdings in United Insurance, a St. Petersburg-based property and casualty insurer, last fall. He spent $156,715 to buy 31,343 shares on May 23 in an open market transaction, paying $5 a share, the filing said.
He expects to profit from an appreciation in the market price of the stock through asserting shareholder rights, the filing said. “We do not believe the value of [United Insurance] assets is adequately reflected in the current market price of the issuer’s common stock,” the filing said.
He’s already made money on the deal. United Insurance stock closed at $5.60 a share May 30, up 12 percent from the May purchase price, and nearly double the $3 a share when he bought the stock held by Synovus Financial Corp. (NYSE: SNV) in September."
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http://www.bizjournals.com/tampabay/blog/2012/05/united-insurance-holdings-investor-in.html
http://www.bizjournals.com/tampabay/blog/2012/05/united-insurance-holdings-investor-in.html
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