BANKING/FINANCE
Compiled by James S. Granelli / Times staff writer
Buying Low, Buying Big: A New York investor group thinks that stock in US Facilities Corp. is a good buy right now because it is valued lower than what it should be.
Over the last month, a group led by SC Fundamental Inc. picked up a 5.8% stake in the Costa Mesa holding company for underwriting management and reinsurance firms. The group is content to be a passive investor and isn’t seeking a board seat, a US Facilities spokeswoman said.
The group bought 247,125 shares of common stock at prices ranging from $9.625 a share to $10.125 a share, according to a Securities and Exchange Commission filing. The group told US Facilities that it likes to invest long term in companies the market undervalues.
