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Maltese boosts FIG exposure in Q1, initiates 39 new positions

Maltese Capital Management LLC increased its holdings of Comerica Inc. to $39 million in the first quarter of 2018, as the superregional bank maintained its No. 1 financial stock position, according to the firm's most recently filed Form 13-F.

The hedge fund's total financial institution holdings increased to $1.35 billion as of March 31, up from $1.20 billion in the fourth quarter of 2017. The firm's exposure to the financial industry has increased for four straight quarters and is up 56.4% from the first quarter of 2017.

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Maltese reported 39 new financial stock positions worth a combined $164.4 million as of March 31. Two of the fund's new positions found a spot in the top-20 holdings — the $30.3 million investment in U.S. Bancorp; and a $14.8 million stake in Raymond James Financial Inc.

The fund also disclosed a $4.6-million investment in Bridgewater Bancshares Inc., which completed an IPO and began trading on the Nasdaq on March 14.

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The hedge fund shed 25 financial institution positions worth a combined $102.2 million at the end of 2017. The firm's largest exits of the quarter were in QCR Holdings Inc. and Univest Corp. of Pennsylvania, its 17th- and 18th-largest positions at the close of 2017, respectively.

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