Basswood Capital Management LLC's financial stock holdings increased to $1.99 billion as of March 31, up nearly 7% from year-end 2017, according to the company's latest Form 13F filing.
The hedge fund manager increased its investment in both of its largest holdings, Ally Financial Inc. and Wells Fargo & Co., by 3.8% and 38.3%, respectively, even as both stocks declined in the first quarter.
Similarly, Basswood bulked up on Capital One Financial Corp. by 48.5%, making the superregional bank its 11th-largest position as the company's shares lost ground during the quarter.
The activist investor disclosed 26 new investments worth a combined $109.1 million as of March 31, including 19 banks, four financial technology companies, two thrifts and a broker/dealer. Basswood's largest entry, an $18.9 million stake in Santa Rosa, Calif.-based Luther Burbank Corp., began trading on the Nasdaq in December 2017.
Basswood also revealed a $4.7 million investment in Bloomington, Minn.-based Bridgewater Bancshares Inc., which completed an initial public offering on March 14. The stock has since returned 10.64% as of May 15.
Basswood completely exited positions in seven banks and three thrifts during the quarter that had been worth a combined $67.7 million at the end of 2017. Basswood's largest exit was an $18.6 million stake in Reston, Va.-based WashingtonFirst Bankshares Inc., which was acquired by Olney, Md.-based Sandy Spring Bancorp Inc. on Jan. 1. Subsequently, Basswood's shares in Sandy Spring increased by 82.5% in the first quarter, making the bank Basswood's 17th-largest position at $33.7 million as of March 31.
Did you enjoy this analysis? Click here to set-up real-time alerts for data-driven articles. Click here for a template that allows users to analyze Basswood's financial institution holdings as of March 31, 2018. Click here to view Basswood'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. |