Maltese Capital Management LLC increased its holdings of Comerica Inc. to $30.8 million in the fourth quarter of 2017, making the superregional bank its No. 1 financial stock position, according to the firm's most recently filed Form 13-F.
KeyCorp remained the hedge fund's second-largest stake at $30.7 million as of Dec. 31, 2017. Moultrie, Ga.-based Ameris Bancorp dropped to the No. 3 spot at $28.6 million, after three quarters as the firm's largest position.
The hedge's entire portfolio of financial stocks grew by 12% quarter over quarter to $1.2 billion as of year-end 2017.

Maltese reported 30 new financial stock positions worth a combined $98.5 million as of Dec. 31, 2017. The firm's three largest initiations — Signature Bank, Business First Bancshares Inc. and Sterling Bancorp Inc. — were worth $14.1 million, $10.5 million and $8.7 million, respectively, at year end. According to S&P Global Market Intelligence data, Maltese now owns 4.89% of Business First's outstanding stock.

The hedge fund shed 31 financial institution positions during the 2017 fourth quarter, which were collectively worth $96.4 million at the end of the third quarter. The three largest exits were an $11.3 million stake in Prosperity Bancshares Inc., a $7.5 million stake in Wolverine Bancorp Inc. and a $7.0 million stake in Charles Schwab Corp.
Wolverine Bancorp was bought by Michigan City, Ind.-based Horizon Bancorp on Oct. 17, 2017. Maltese reported a new $1.3 million stake in Horizon as of Dec. 31, 2017.

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