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Jacobs Asset Management sheds overall holdings, launches 6 new entries in Q3

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According to Market Intelligence, December 2022


Jacobs Asset Management sheds overall holdings, launches 6 new entries in Q3

Jacobs Asset Management LLC's total common stock holdings dropped to $189.3 million in the third quarter, down from $207.7 million in the second quarter, according to the company's latest Form 13F filing.

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This article is part of a series on large institutional investors active in the U.S. financial sector. All institutional investment managers active in the U.S. with over $100 million in investments in Form 13F securities must file quarterly statements detailing their positions.

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Comerica makes it into top 5

Comerica Inc. was one of Jacobs Asset Management's top 5 holdings during the quarter as it increased its stake in the Dallas-based company by 108.7% to $8.5 million worth of common stock, the largest increase by the New York-based money manager.

Moline, Ill.-based QCR Holdings Inc. was a distant second in terms of the largest stake increase by Jacobs Asset Management during the quarter. The money manager upped its investment in QCR by 27.2% to $7.5 million in the third quarter.

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A-Mark Precious Metals Inc. maintained its spot as the largest holdings of the hedge fund manager despite a reduced exposure in the precious metals trading company during the third quarter. Jacobs Asset Management's holdings in A-Mark decreased by 8.4% to $14.0 million, compared to $17.4 million as of June 30.

Puerto Rico-based Banco Popular SA was the second highest holding with $12.9 million worth of stake.

Sprott Inc. moved one position above Billings, Mont.-based First Interstate BancSystem Inc. and took the third spot. During the third quarter, Jacobs Asset Management increased its stake in the Toronto-based company by 12.8% to $12.3 million, while it reduced its stake in First Interstate BancSystem by 33.8% to $10.7 million.

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Six new entries

Jacobs Asset Management doubled its entries in the third quarter to six, compared to only three in the previous quarter.

Among the companies the money manager bought new stakes in, Clearfield, Pa.-based CNB Financial Corp. and Northbrook, Ill.-based Allstate Corp. also made it into the top 20 holdings. Jacobs Asset Management bought new stake worth $5.8 million in CNB Financial and $4.7 million in Allstate.

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Exits

The hedge fund manager exited five positions worth a combined $22.5 million during the quarter, including a $10.8 million stake in New York-based Metropolitan Bank Holding Corp..

Jacobs Asset Management also exited its $4.9 million stake in West Reading, Pa.-based Customers Bancorp Inc., 0.2% stake worth $1.8 million in New York-based Signature Bank, having bought the stake in the company during the first quarter.

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