Stieven Capital exits JPMorgan, buys Wells Fargo, SPAC stakes

St. Louis-based Stieven Capital Advisors LP had an active fourth quarter of 2020 as its sold out of seven positions worth a combined $20.3 million and initiated five new stakes, according to the firm's most recent 13F filing.

At the end of 2020, Stieven reported $624.7 million in common stock investments, a heady 46.9% increase from the end of September 2020.

The hedge fund manager completely sold out of its $8.7 million stake in JPMorgan Chase & Co., its largest exit, and initiated a new $23.1 million position in Wells Fargo & Co., its largest entry in the fourth quarter.

Meanwhile, Stieven also added three new stakes in special purpose acquisition companies, also known as "blank-check companies," in the fourth quarter. All three SPACs – Foley Trasimene Acquisition Corp. II, Foley Trasimene Acquisition Corp. and FG New America Acquisition Corp. — have announced mergers since the beginning of December 2020.

Western Alliance Bancorp. was Stieven's largest holding at the end of 2020 at $31.3 million, even as the hedge fund manager sold 3.5% of its shares in the bank during the fourth quarter. The Phoenix-based bank's share price soared 89.6% from the end of the third quarter.

Click here to see Stieven Capital's financial stock investments as of Dec. 31, 2020.