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Monica Wolfe
Monica Wolfe
Articles (757) 

Silver Bay Realty Trust Corp. Reports Insider Buys

March 05, 2013 | About:

Silver Bay Realty Trust Corp. (SBY) has reported that their CEO, David Miller, has purchased company shares on March 4, according to GuruFocus Insider Buys.

On March 4, CEO David Miller added 10,000 shares of SBY at an average price of $19.47 for a total of $194,700. After this purchase Miller now owns at least 22,500 shares in Silver Bay. Since this transaction occurred, the price of the stock has increased by 1.23 percent.

Miller also made a substantial transaction on Dec. 19, 2012, when he bought 12,500 shares of SBY stock. Those shares are now up 6.54 percent.

Market capitalized at $735.8 million, Silver Bay Realty Trust Corp., is Maryland-based company that focuses on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Silver Bay is a young company with a incorporation date of July 2012. The company’s primary source of revenue comes from the leasing of single-family homes in Arizona, California, Florida, Ohio and Texas.

Before serving as CEO, David Miller served as a managing director of Pine River Capital Management LP and Two Harbors Investment Corp., where he worked on new business development, including the creation and development of Silver Bay. From 2008 to 2011, Miller worked in the U.S. Department of Treasury as the chief investment officer of the Troubled Asset Relief Program (TARP). Miller graduated with an MBA from Harvard Business School and a B.A. in economics from Dartmouth College.

In the first quarter of 2012, Silver Bay’s Predecessor began creating a portfolio of single-family properties. A majority of these properties did not generate revenue for 2012 due to the fact that they were still in the stabilization phase. Regardless, Silver Bay reported fourth quarter 2012 total revenue of $2.8 million.

As of Jan. 15, 2013, Silver Bay maintains a portfolio of 3,405 single-family properties.

“Silver Bay is capitalizing on a generation opportunity to acquire undervalued single-family properties with strong demographic and macroeconomic indicators,” said David Miller, Silver Bay’s President and CEO. “Additionally, we continue to build our institutional platform in order to grow our business and capture operational efficiencies.”

Dec. 19, 2012 was the biggest day in insider buys with David Miller buying 12,500 shares, Thomas Siering (Director) buying 25,000 shares and Irwin Freydberg (COO) taking in 3,000 shares as well.

With its stock down 1.37% this afternoon, Silver Bay trades at $19.42.

Guru Steven Cohen currently holds 786,797 shares of SBY.

For more information on Silver Bay’s insider trades, check out David Miller’s Trading History and Thomas Siering’s Trading History.

  • CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
  • Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
  • Double Buys:: Companies that both Gurus and Insiders are buying
  • Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.

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