Greenwich, Conn.-based Endeavour Capital Advisors Inc. trimmed its exposure to U.S. financial stocks by 7.4% to $529.6 million in the first quarter, according to the firm's latest Form 13F filing.

Endeavour initiated three new positions collectively worth $10.0 million during the quarter, with the largest being a $6.3 million stake in Irvine, Calif.-based Pacific Premier Bancorp Inc.

Founded in 1994 by Larry Austin and Mitch Katz, Endeavour focuses on investments in the financial sector and has a fund specifically focused on regional banks.

Phoenix-based Western Alliance Bancorp. remained the hedge fund manager's largest position at $32.3 million as of March 31.

Endeavour increased its stake in payment processor WEX Inc. by 63.8% during the first quarter after initiating a stake in the fourth quarter of 2018. The firm was also bullish on Wilmington, Del.-based WSFS Financial Corp., increasing its stake in the bank by 42.9% during the quarter.

Endeavour completely sold out 11 investments during the first quarter, including an $18.4 million stake in SunTrust Banks Inc., which just announced a $28.19 billion merger with BB&T Corp. on Feb. 7. The hedge fund manager also shed a $9.9 million stake in Worldpay Inc., which also agreed to be acquired in another blockbuster deal announced in the first quarter.

Did you enjoy this analysis? Click here to set up real-time alerts for data-driven articles. Click here for a template that allows users to analyze Endeavour's common stock holdings as of March 31, 2019. Click here to view Endeavour's current common stock holdings. Company filings including Forms 13F can be found through the filings archive tab on a company's briefing book page.