By: Manisha Sethi Jul. 4, 2018

Elizabeth Park Capital Advisors, Ltd disclosed its SEC 13F filings for the first quarter of 2018 and reported a portfolio value of $349.952 million. The form was filed on May 11, 2018, and revealed that the firm invested in 5 new stocks and increased its holdings in Comerica Inc by 194.03%.

Elizabeth Park Capital Advisors, based in Paper Pipe, United States, was founded in the year 2008. It invests primarily in small & large-cap financial services companies. The company provides investment advisory services and also separately managed client portfolios.

Raltin found that 71% of new stock purchases by Elizabeth Park Capital outperformed the S&P 500. 35% of all stocks or about 21 new stock purchases (between Q1 2014 & Q1 2018) outperformed the S&P 500 by more than 20%. Only 5 stocks of 105 total stocks underperformed the S&P 500 by more than 10%. A detailed background on Raltin’s methodology is given here & table showing individual stock picks compared to the S&P 500.

S&P Outperformance CategoryNumber of New Stock PurchasesTotal new purchases (%)
>20%2135
10 to 20%1118.33
0 to 10%1118.33
-10 to 0%1220
-20 to -10%23.34
<-20%35
Total Stocks105

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The firm added 5 new stocks this quarter, out of which LegacyTexas Financial Group Inc. (LTXB) and Enterprise Financial Services Corp (EFSC), constitutes about 3.31% and 2.93% of its portfolio. The following table shows new purchases of the investor for Q1 2018.

StocksNumber of sharesHolding value ($1000)
LegacyTexas Financial Group Inc. (LTXB)2,70,62311,588
Enterprise Financial Services Corp. (EFSC)2,18,29210,238
National Bank Holdings Corp. (NBHC)1,84,7126,142
Peoples Bancorp Inc. (PEBO)1,16,7954,140
Heritage Financial Corp. (HFWA)98,6273,018

The table below shows the investor’s portfolio value for the past five quarters starting from Q1 2017. In addition to this, it shows the top 3 stocks outperforming the S&P 500 in each quarter.

PeriodTotal Portfolio Value ($Mn)Top Holdings (Ticker, % IRR difference from S&P 500)
Q3 2016227.872Sussex Bancorp, Inc. (SBBX, 29.08), Old Line Bancshares, Inc. (OLBK, 25.86), 1st Constitution Bancorp (FCCY, 16.0)
Q2 2016235.041Citizens Financial Group, Inc. (CFG, 63.15), Southern First Bancshares, Inc. (SFST, 38.31), First Community Corp. (FCCO, 34.68)
Q1 2016245.982Regions Financial Corp. (RF, 70.39), Pacific Premier Bancorp, Inc. (PPBI, 65.69), Access National Corp. (ANCX, 36.68)