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 Category||Number of New Stock Purchases||Total new purchases (%)|
|10 to 20%||11||18.33|
|0 to 10%||11||18.33|
|-10 to 0%||12||20|
|-20 to -10%||2||3.34|
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.
|Stocks||Number of shares||Holding value ($1000)|
|LegacyTexas Financial Group Inc. (LTXB)||2,70,623||11,588|
|Enterprise Financial Services Corp. (EFSC)||2,18,292||10,238|
|National Bank Holdings Corp. (NBHC)||1,84,712||6,142|
|Peoples Bancorp Inc. (PEBO)||1,16,795||4,140|
|Heritage Financial Corp. (HFWA)||98,627||3,018|
The table below shows the investor’s portfolio value for the past five quarters starting from Q1 2017. In addition to this, it shows the top 3 stocks outperforming the S&P 500 in each quarter.
|Period||Total Portfolio Value ($Mn)||Top Holdings (Ticker, % IRR difference from S&P 500)|
|Q3 2016||227.872||Sussex Bancorp, Inc. (SBBX, 29.08), Old Line Bancshares, Inc. (OLBK, 25.86), 1st Constitution Bancorp (FCCY, 16.0)|
|Q2 2016||235.041||Citizens Financial Group, Inc. (CFG, 63.15), Southern First Bancshares, Inc. (SFST, 38.31), First Community Corp. (FCCO, 34.68)|
|Q1 2016||245.982||Regions Financial Corp. (RF, 70.39), Pacific Premier Bancorp, Inc. (PPBI, 65.69), Access National Corp. (ANCX, 36.68)|