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M3F adds 7 banking positions in Q2'19; Citizens Financial takes top spot

M3F Inc., a Salt Lake City-based hedge fund manager, initiated seven new banking positions worth a combined $14.3 million during the second quarter, according to the firm's most recent Form 13F filing.

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M3F's largest new stake, a $4.2 million position in Chambersburg, Pa.-based Franklin Financial Services Corp., became its 11th-largest investment overall as of June 30. M3F also picked up a new $2.6 million stake in Kansas City, Mo.-based UMB Financial Corp. and a $2.4 million investment in Lubbock, Texas-based South Plains Financial Inc., which became its 18th- and 19th-largest positions, respectively.

Founded in 2009, M3F focuses on common stock investments in the financial services industry. The principals are Jason Stock and William Waller.

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Last quarter's top holding, Dallas-based Hilltop Holdings Inc., fell to second place after M3F cut its stake by 18.6%. Citizens Financial Group Inc. became the hedge fund manager's top holding at $10.6 million.

Overall, M3F's investments in financial institutions grew by 1.1% quarter over quarter to $111.4 million as of June 30.

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Meanwhile, M3F exited nine positions during the second quarter, worth a combined $20.7 million as of March 31. The firm's largest exit was a $5.7 million stake in Montebello, N.Y.-based Sterling Bancorp, which was its fifth-largest investment at the end of the first quarter.

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Click here to see M3F's financial stock investments as of June 30.