LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for PICO Holdings, Inc. (NASDAQ: PICO) ("PICO"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=PICO. The Company announced on October 04, 2017, the sale of its entire stake of Century Communities, Inc. (NYSE: CCS) ("Century") of 2.4 million shares valued at approximately $59.2 million. This was reportedly 9% of the stake of Century's outstanding common stock. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The remaining material investment of PICO, besides the cash and liquid marketable securities, is the wholly-owned subsidiary, Vidler Water Co., which is a water resource and water storage business with assets and operations primarily in the Southwestern US. It also holds assets in Nevada, Arizona, New Mexico, and Colorado.
These shares were part of the previously announced merger of the 57% owned subsidiary, UCP, Inc. (NYSE: UCP) with Century, which closed on August 04, 2017. UCP is a homebuilder and land developer with land acquisition and entitlement expertise in California, Washington State, North Carolina, South Carolina, and Tennessee.
PICO is on a cost reduction spree with John Perri, the Company's Chief Financial Officer (CFO), and Max Webb, Chief Executive Officer (CEO) of the Company, having voluntarily reduced their annual salary base by 15. The Company reported significant net operating losses of approximately $162.3 million in Q2 2017.
PICO is keen on providing the adequate working capital required for its remaining operations, with a capital allocation policy to return capital to shareholders. The Board is in the process of determining the optimal time and methodology of returning capital to its shareholders but wants to ensure that the Company's business plan does not contemplate redeploying capital into the operations. PICO's focus is on the monetization of their key assets of which this sale was a part of.
About PICO Holdings, Inc.
PICO is a diversified holding Company in water resource and water storage operations, as well as real estate operations. It also has a Corporate segment where assets such as cash, assets, and related liabilities of deferred compensation plans, and various interests in small businesses are managed. The Company recently announced that PICO's Board of Directors had engaged JMP Securities LLC as its exclusive financial advisor, and Cooley LLP as its legal counsel to explore strategic alternatives to further enhance shareholder value. The intention of the engagement is to evaluate potential alternatives such as the sale of the Company, a merger, a business combination, or a sale, license, or disposition of the assets of the Company.
Last Close Stock Review
On Thursday, October 05, 2017, the stock closed the trading session at $18.60, advancing 1.36% from its previous closing price of $18.35. A total volume of 147.11 thousand shares have exchanged hands, which was higher than the 3-month average volume of 102.57 thousand shares. PICO Holdings' stock price skyrocketed 8.14% in the last three months, 38.29% in the past six months, and 64.89% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 22.77%. At Thursday's closing price, the stock's net capitalization stands at $434.31 million.
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