Pico (NASDAQ:PICO) Shares Up 5%

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Pico Holdings Inc (NASDAQ:PICO)’s stock price shot up 5% during mid-day trading on Wednesday . The company traded as high as $7.22 and last traded at $7.53, 5,494 shares were traded during mid-day trading. A decline of 95% from the average session volume of 112,438 shares. The stock had previously closed at $7.17.

The business has a 50-day moving average of $9.38 and a 200-day moving average of $10.25. The firm has a market cap of $140.79 million, a price-to-earnings ratio of 14.19 and a beta of 1.03.

Pico (NASDAQ:PICO) last announced its quarterly earnings results on Friday, March 13th. The financial services provider reported $0.23 earnings per share for the quarter. The firm had revenue of $10.36 million for the quarter. Pico had a return on equity of 6.51% and a net margin of 39.21%.

Pico declared that its Board of Directors has authorized a share repurchase program on Friday, January 31st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 50.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. River Road Asset Management LLC increased its position in Pico by 14.3% during the fourth quarter. River Road Asset Management LLC now owns 1,089,890 shares of the financial services provider’s stock worth $12,120,000 after buying an additional 136,656 shares during the last quarter. State Street Corp increased its position in Pico by 1.6% during the fourth quarter. State Street Corp now owns 412,486 shares of the financial services provider’s stock worth $4,587,000 after buying an additional 6,693 shares during the last quarter. Geode Capital Management LLC increased its position in Pico by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 264,248 shares of the financial services provider’s stock worth $2,938,000 after buying an additional 4,243 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Pico by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 121,122 shares of the financial services provider’s stock worth $1,347,000 after buying an additional 1,418 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. increased its position in Pico by 1.5% during the fourth quarter. Mraz Amerine & Associates Inc. now owns 120,330 shares of the financial services provider’s stock worth $1,338,000 after buying an additional 1,826 shares during the last quarter. 71.04% of the stock is currently owned by hedge funds and other institutional investors.

About Pico (NASDAQ:PICO)

PICO Holdings, Inc, together with its subsidiaries, engages in the water resource and water storage activities in the southwestern United States. It engages in selling its water rights and storage credits in Arizona, Colorado, Nevada, and New Mexico. The Company sells its water rights to real estate developers, power generating facilities, or other commercial and industrial users, as well as to water utilities, municipalities, and other government agencies; and sells its stored water to state agencies, commercial developers, or municipalities for their commercial projects or communities.

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