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