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.
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.
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.
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.