M3F Inc., a Salt Lake City-based hedge fund manager, added four new banking positions during the third quarter, according to the firm's most recent Form 13F filing.
M3F's largest new stake, a $4.0 million position in Hilltop Holdings Inc., became its 10th-largest position overall at the end of September. M3F also revealed a new $3.4 million investment in Bank OZK, a $2.6 million investment in First of Long Island Corp. and a $579,000 investment in Riverview Financial Corp.
The hedge fund manager also boosted its position in SI Financial Group Inc. by 58.5% in the third quarter, making the Willimantic, Conn.-based thrift its single largest investment at $7.7 million. According to a recent S&P Global Market Intelligence analysis, SI Financial is trading at one of the lowest price-to-adjusted book value multiples in the industry.
M3F fully exited one position during the third quarter, a $6.0 million stake in Wells Fargo & Co.
Founded in 2009, M3F focuses on common stock investments in the financial services industry. The principals are Jason Stock and William Waller.
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Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.