Voce Capital ran by Daniel Plants (former Goldman Sachs guy) has gone active on FBR with a 5.1% stake. Voce had a solid win over the last year with Oplink. Their thesis at FBR is that the shares are undervalued and they plan on having some conversations about..."capital allocation policies, optimization of its capital structure and improvements to its corporate governance, among other opportunities."
One key is that FBR could shut down its investing division. FBR is the $175 million market cap investment bank.