Salt Lake City-based hedge fund manager M3F Inc. increased its financial stock portfolio by almost $5 million in the second quarter to $91.1 million, even as the firm slashed its No. 1 position by more than 80%.
 |
According to the company's Aug. 14 Form 13F, M3F's stake in Oakland, Md.-based First United Corp. fell to $2.7 million as of June 30 from $13.5 million in the first quarter,
At the end of June, M3F owned 1.83% of First United's outstanding stock, down from 9.92% three months earlier.
M3F boosted its stake in Provident Financial Holdings Inc. by 4.8% in the second quarter, helping to make the Riverside, Calif.-based bank its new No. 1 position.
The hedge fund manager also revealed three new stakes as of June 30, the largest of which was a $5.8 million position in Monroeville, Penn.-based Standard AVB Financial Corp. M3F's other two new positions — Lacey, Wash.-based Anchor Bancorp and Manistique, Mich.-based Mackinac Financial Corp. — were each worth about $3.6 million at the end of June. On July 17, Anchor announced that it terminated its twice-delayed deal with Seattle-based Washington Federal Inc. and signed a new $76.6 million deal to be acquired by Mountlake Terrace, Wash.-based FS Bancorp Inc. Anchor's stock has returned 11.85% this quarter as of Aug. 13.
The firm exited two positions during the second quarter, DNB Financial Corp. and StoneCastle Financial Corp., which were both worth less than $1 million as of March 31.
Founded in 2009, M3F focuses on common stock investments in the financial services industry. The principals are Jason Stock and William Waller.
Did you enjoy this analysis? Click here to set up real-time alerts for data-driven articles on the U.S. financial sector. Click here for a template that allows users to analyze M3F Inc.'s common stock holdings as of June 30, 2018. Click here to view M3F Inc.'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. |
