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 categoryNumber of new stock purchasesTotal new purchases (%)
>20%2232.84
10-20%710.45
0-10%811.94
-10-0%1217.91
-20 to -10%1014.93
<-20%811.94
Total stocks67

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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.

StocksNumber of sharesHolding value ($1,000)
BOK Financial Corp. (BOKF)190,80018,887
Wells Fargo & Co. (WFC)334,90017,552
Sandy Spring Bancorp, Inc. (SASR)366,48014,205
OP Bancorp (OPBK)804,08410,011
Southern National Bancorp of Virginia, Inc. (SONA)366,1255,799
Banner Corp. (BANR)102,9425,712
CBTX, Inc. (CBTX)107,1313,154
SB Financial Group, Inc. (SBFG)133,2332,465
First Horizon National Corp. (FHN)100,0001,883
Condor Hospitality Trust, Inc. (CDOR)156,8231,568

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.

PeriodTotal portfolio value ($Mn)Top holdings (ticker, % of IRR difference from S&P 500)
Q1 2017498.01Investar Holding Corporation (ISTR, 6.43)
Q4 2016507.91
Q3 2016411.26Huntington Bancshares, Inc. (HBAN, 25.52), Bancorp Inc. (The) (TBBK, 12.71), WesBanco, Inc. (WSBC, 8.64)
Q2 2016359.12Old National Bancorp (ONB, 22.24), First Internet Bancorp (INBK, 2.33)
Q1 2016351.99SVB Financial Group (SIVB, 67.65), Provident Bancorp, Inc. (PVBC, 43.65), First BanCorp. (FBNC, 40.68)