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Stieven Capital initiates 10 stakes, including Wells Fargo, in Q1

St. Louis-based Stieven Capital Advisors LP's financial stock portfolio continued growing during the first quarter, even as the hedge fund manager trimmed most of its positions, according to a recent Form 13-F filing.

At the end of March, Stieven Capital's holdings were worth $629.1 million, up 10.7% from year-end 2017. The fund manager initiated 10 new stakes, exited five financial institution positions and trimmed another 49 investments during the first quarter.

The firm's two largest stakes switched positions, as it bulked up on Preferred Bank with $1.8 million and trimmed $3 million from First Internet Bancorp, compared with the prior-quarter holdings.

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Of the hedge fund's 10 new positions, three became top 20 holdings as of March 31. At $18.9 million, Tulsa, Okla.-based BOK Financial Corp. was Stieven Capital's fifth-largest position, while Wells Fargo & Co. and Olney, Md.-based Sandy Spring Bancorp Inc. stood at No. 8 and No. 15 positions, respectively.

Stieven Capital's smallest initiation, a $1.6 million stake in hotel REIT Condor Hospitality Trust Inc., was the company's only nonbank or thrift investment as of March 31.

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The hedge fund's largest exit was a $13.9 million stake in Citizens Financial Group Inc.

Joseph Stieven founded Stieven Capital in 2005. Before that, he worked as a banking analyst at Stifel Nicolaus & Co. Inc.

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Click here for a template that allows users to analyze Stieven Capital Advisors LP's common stock holdings as of March 31, 2018.

Click here to view Stieven Capital Advisors LP's current common stock holdings.

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

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