Boston-based hedge fund manager Castine Capital Management LLC added seven new financial stock positions during the second quarter, according to the firm's latest 13F filing.
Castine's largest initiation, a $20.1 million stake in Detroit-based Chemical Financial Corp., became its third-largest position overall at the end of June. Castine exited a $9.5 million investment as of March 31, 2019, in Wayzata, Minn.-based TCF Financial Corp., which merged with Chemical Financial Corp. on Aug. 1 in a merger of equals.
Castine's total financial stock portfolio increased to $386.2 million as of June 30, up from $322.8 million at the end of March.
Established in 2003, Castine is principally owned by Paul Magidson, Ostrom Enders and Jonathan Cohen. The firm invests primarily in U.S. financial institutions.
Castine boosted its holdings in Hartford, Conn.-based United Financial Bancorp Inc. by 9.7% during the quarter, pushing its total investment in the company to $27.2 million, its single largest position. On July 15, People's United Financial Inc. announced that it would acquire United Financial for about $758.1 million.
The hedge fund manager also more than doubled its stakes in Gulfport, Miss.-based Hancock Whitney Corp.; Irvine, Calif.-based Opus Bank; and Winter Haven, Fla.-based CenterState Bank Corp. during the second quarter.
Castine completely sold out of eight positions, including a $9.7 million stake in Bank of America Corp., which had been a top 20 position at March 31.
Click here for a template containing Castine Capital's common stock holdings as of June 30, 2019.