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EJF Capital bullish on Citizens Financial, Regions Financial in Q2'19

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EJF Capital bullish on Citizens Financial, Regions Financial in Q2'19

Arlington, Va.-based EJF Capital LLC exited 15 holdings worth a combined $33.4 million in the second quarter, according to the firm's latest Form 13F filing.

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The fund manager's biggest exit was a $7.4 million stake in San Diego-based Encore Capital Group Inc., followed by a $4.8 million position in Towson, Md.-based Hamilton Bancorp Inc., which was acquired by Orrstown Financial Services Inc. on May 1.

EJF's total financial stock investments fell to $752.7 million as of June 30, from $757.8 million at the end of March.

Financial sector-focused EJF Capital began offering investment advisory services in 2005.

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EJF boosted its holdings in Citizens Financial Group Inc. by 49.3% during the second quarter, making the superregional bank its new No. 1 position at $62.2 million as of the end of June. EJF also raised its stake in Regions Financial Corp. by over 90% to $16.3 million, making the southeastern superregional its 14th-largest position at $16.3 million.

First Horizon National Corp., the fund manager's former No. 1 holding, fell to the fourth spot as EJF reduced its stake by more than one-third in the second quarter to $40.4 million.

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Despite the overall downtrend in EJF's exposure to the financial sector, the firm still added nine new financial institutions to its portfolio, including a $9.2 million stake in Fairfax, Va.-based MainStreet Bancshares Inc.

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Click here for a template containing EJF Capital's common stock holdings as of June 30, 2019.