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Endeavour Capital's financial investments increase almost 21% in Q2'19

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Endeavour Capital's financial investments increase almost 21% in Q2'19

Greenwich, Conn.-based Endeavour Capital Advisors Inc. increased its financial stock holdings by 20.7% during the second quarter to $639.3 million, according to the firm's latest Form 13F filing.

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Endeavour initiated 11 new positions collectively worth about $44 million during the quarter, the largest being a $9.1 million stake in Worldpay Inc., which was acquired by Fidelity National Information Services Inc. on July 31. The hedge fund manager also initiated a $7.4 million stake in Bank of New York Mellon Corp. and a $7.3 million position in both Northern Trust Corp. and Moelis & Co.

Founded in 1994 by Larry Austin and Mitch Katz, Endeavour focuses on investments in the financial sector and has a fund specifically focused on regional banks.

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The hedge fund manager continued to bulk up on Western Alliance Bancorp. during the second quarter, increasing its stake by 15.3%. As of June 30, the Phoenix-based bank was Endeavour's No. 1 investment at $40.5 million.

Endeavour also increased its investment in OceanFirst Financial Corp., pushing the Toms River, N.J.-based bank to its No. 2 position. Effingham, Ill.-based Midland States Bancorp Inc. fell to the third spot after the hedge fund manager cut its stake by 5.0%.

The firm was also bullish on Athene Holding Ltd., increasing its stake in the Bermuda-based insurer by 96.7% during the quarter.

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Endeavour completely sold out of three banks during the quarter — Hattiesburg, Miss.-based First Bancshares Inc.; Carmel, Ind.-based Merchants Bancorp; and Beverly Hills, Calif.-based PacWest Bancorp — and one asset manager, KKR & Co. The four positions were worth a combined $7.3 million at the end of March.

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Click here to see Endeavour's financial stock investments as of June 30.