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Activist investor declares stake in Pilgrim Bancshares

Activist investor Lawrence Seidman and affiliated investment vehicles declared a 5.05% stake in Cohasset, Mass.-based Pilgrim Bancshares Inc.

The stake represents aggregate beneficial ownership of 113,900 shares out of the company's 2,253,439 outstanding shares as of May 10. The investment group spent roughly $1.3 million to buy the stake.

According to a May 30 ownership filing, the group purchased the shares because they were an attractive investment opportunity. The filing also indicated that Seidman had a telephone conversation with Pilgrim CEO Francis Campbell about the performance of the company.