By: Manisha Sethi Sep. 14, 2018
On May 11, 2018, Stieven Capital Advisors, L.P. reported its SEC 13F filings for the first quarter of the calendar year. Their portfolio value is estimated at $629.14 million, a 10.71% increase from Q4 2017, with its top 10 holdings accounting for 30.5%. Further, the institutional investor bought 10 new stocks this quarter and significantly increased its holding in Investar Holding Corporation by 75.46%. Stieven Capital Advisors, L.P. was founded in 2005 and is based out of St. Louis, Missouri. It focuses on the financial sector and invests in US financial institutions, primarily bank holding companies, financial holding companies, thrift holding companies and institutions, finance real estate investment trusts, and other finance-related companies. Stieven Capital Advisors, L.P. provides its services to pooled investment vehicles and typically invests in the public equity and fixed income markets
An analysis by Raltin reveals that 55.23% of Stieven Capital Advisors’ new stock purchases outperform the S&P 500. More specifically, 32.84% or 22 new stock purchases outperform the S&P 500 by more than 20% between Q1 2014 and Q1 2018. Only 18 out of the 67 total stocks (or 26.87%) underperform the S&P 500 by more than 10%. Details of Raltin’s methodology are available here. The following table lists the number of Stieven Capital Advisors’ stocks as per various S&P outperformance categories.
|S&P outperformance category||Number of new stock purchases||Total new purchases (%)|
|-20 to -10%||10||14.93|
In the most recent quarter, Stieven Capital Advisors, L.P. bought 10 new stocks, with BOK Financial Corp. (BOKF) and Wells Fargo & Co (WFC) forming 3% and 2.79% of the portfolio. The following table presents the investor’s new purchases in this quarter along with their holding value and the number of shares purchased.
|Stocks||Number of shares||Holding value ($1,000)|
|BOK Financial Corp. (BOKF)||190,800||18,887|
|Wells Fargo & Co. (WFC)||334,900||17,552|
|Sandy Spring Bancorp, Inc. (SASR)||366,480||14,205|
|OP Bancorp (OPBK)||804,084||10,011|
|Southern National Bancorp of Virginia, Inc. (SONA)||366,125||5,799|
|Banner Corp. (BANR)||102,942||5,712|
|CBTX, Inc. (CBTX)||107,131||3,154|
|SB Financial Group, Inc. (SBFG)||133,233||2,465|
|First Horizon National Corp. (FHN)||100,000||1,883|
|Condor Hospitality Trust, Inc. (CDOR)||156,823||1,568|
The next table shows Stieven Capital Advisors, L.P. ’s portfolio value for the past five quarters, that is, from Q1 2017 to Q1 2016 and the top holdings in each quarter that outperform the S&P 500 IRR. Among the new purchases, Huntington Bancshares, Inc.; Old National Bancorp; SVB Financial Group; and Provident Bancorp, Inc. significantly outperform the S&P 500.
|Period||Total portfolio value ($Mn)||Top holdings (ticker, % of IRR difference from S&P 500)|
|Q1 2017||498.01||Investar Holding Corporation (ISTR, 6.43)|
|Q3 2016||411.26||Huntington Bancshares, Inc. (HBAN, 25.52), Bancorp Inc. (The) (TBBK, 12.71), WesBanco, Inc. (WSBC, 8.64)|
|Q2 2016||359.12||Old National Bancorp (ONB, 22.24), First Internet Bancorp (INBK, 2.33)|
|Q1 2016||351.99||SVB Financial Group (SIVB, 67.65), Provident Bancorp, Inc. (PVBC, 43.65), First BanCorp. (FBNC, 40.68)|