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Stieven Capital bets on KeyCorp in Q2'19

Stieven Capital Advisors LP, a St. Louis-based hedge fund manager, increased its total financial stock holdings to $556.9 million as of June 30, up from $545.0 million in the first quarter, despite cutting its exposure to a majority of its top 20 holdings.

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According to the firm's most recent Form 13F filing, Stieven opened seven new financial stock positions in the second quarter worth a combined $65.3 million as of June 30. Stieven's largest initiation, a $15.9 million stake in KeyCorp, became its 10th-largest holding at the end of June. The hedge fund manager also initiated two $10.7 million positions in payment processing giants Mastercard Inc. and Visa Inc.

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Last quarter's top holding, Fifth Third Bancorp, fell to second place after Stieven cut its stake in the entity by 13.1%. Citizens Financial Group Inc. became the hedge fund manager's top holding at $21.2 million.

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Stieven also completely exited seven financial stocks in the quarter, the largest of which was a $10.9 million stake in Comerica Inc., which had been the hedge fund's largest initiation in the first quarter. Stieven also sold off its investment in Signature Bank, which was worth $8.4 million at the end of March.

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