Second Curve Capital, a hedge fund managed by Tom Brown, has revealed in a filing with the Securities and Exchange Commission boosting its position in Meta Financial Group Inc. (NASDAQ:CASH). The fund reported holding nearly 306,100 shares, equal to 5.01% of the company’s common stock. Earlier, in its latest 13F, Second Curve included a position in Meta Financial Group that contained close to 150,000 shares.
Meta Financial Group Inc. (NASDAQ:CASH) is a U.S. bank holding company that conducts its operations primarily through its wholly owned subsidiary MetaBank. In February the company reported a net income of $3.0 million for the first quarter of its fiscal 2014, up from $3.1 million a year ago. Its first quarter assets edged up to $1.79 billion, from $1.62 billion posted a year ago. At the same time the company’s EPS amounted to $0.65 in the first quarter, above the last year result of $0.57, but lower than the consensus estimate of $0.69. For the current quarter, the company is expected to show earnings of $0.90 per share.
Out of the funds tracked by us at Insider Monkey, several ‘hedgies’ disclosed stakes in Meta Financial Group Inc. (NASDAQ:CASH). Jim Simons‘ Renaissance Technologies holds a $4.04 million position, which amasses 100,100 shares, followed by Malcolm Fairbairn‘s Ascend Capital with 42,500 shares, worth $1.71 million. Both Renaissance and Ascend inched up their holdings during the last quarter of 2013. However, in the latest round of 13F filings, Second Curve was one of the most bullish funds, raising its position in Meta Financial Group Inc. (NASDAQ:CASH) by almost an eightfold during the October-December period.
Second Curve’s largest portion of the equity portfolio is invested in the Financial sector. NewStar Financial Inc (NASDAQ:NEWS) is the most valuable holding, which amasses almost 20% of the fund’s $481.59 equity portfolio, the position amassing 4.94 million shares. Bank of America Corp (NYSE:BAC) comes next, with a $57.34 million stake, containing 8.86 million shares.