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Maltese Capital shuffles the deck in Q2

New York-based hedge fund manager Maltese Capital Management LLC largely maintained the status quo in the second quarter, according to the firm's most recent Form 13F filing.

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Maltese exited 26 financial stock positions, while initiating 24 new ones. The firm's total financial investments hit $1.37 billion at the end of June, up slightly from $1.35 billion in the first quarter.

Comerica Inc. remained Maltese's largest financial stock position at $37.7 million as of June 30, while Zions Bancorp. moved up to the No. 2 spot at $36.7 million. Maltese increased its stakes in First Financial Bancorp., Citigroup Inc. and Investors Bancorp Inc. by more than 50% during the quarter, turning all three banks into top-20 holdings.

The hedge fund manager sold off almost 41% of its stake in Bank of America Corp., making the bank its 14th-largest position at June 30, down from No. 4 three months earlier.

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Maltese's largest new investment was a $10.3 million position in Moline, Ill.-based QCR Holdings Inc., followed by an $8.1 million stake in Hancock Whitney Corp. The hedge fund had previously exited both banks in the first quarter.

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The fund manager completely sold out of JPMorgan Chase & Co. during the second quarter, its largest exit at $10.4 million as of March 31. MainSource Financial Group Inc., Maltese's second-largest "exit" at $8.9 million, was acquired by First Financial Bancorp. on April 1 in a deal valued at $1.06 billion.

Maltese Capital began operating in 1996 and focuses on investments in the financial industry. The firm was known as Sandler O'Neill Asset Management LLC prior to early 2015.

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Click here for a template that allows users to analyze Maltese Capital Management's common stock holdings as of June 30, 2018.

Click here to view Maltese Capital Management's current common stock holdings.

Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.