In this article, we discuss the 10 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management based on Q3 holdings of the fund.
Fred Cummings is the founder and portfolio manager of Elizabeth Park Capital Management, an Ohio-based asset management firm. The hedge fund’s 13F public stock portfolio was valued at $284.21 million in the third quarter of 2021, with a top 10 holdings concentration of 32.92%.
Citizens Financial Group, Inc. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY) are among Fred Cummings’ most significant stock holdings as of the third quarter.
Fred Cummings of Elizabeth Park Capital
Let’s start our list of 10 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management. We used Cummings’ 13F portfolio for Q3 2021 for this analysis.
Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management
10. Brookline Bancorp, Inc. (NASDAQ:BRKL)
Elizabeth Park Capital Stake Value: $3,865,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.35%
Number of Hedge Fund Holders: 9
Dividend Yield: 3.02%
Brookline Bancorp, Inc. (NASDAQ:BRKL) is a bank holding corporation based in Brookline, Massachusetts. Polaris Capital Management is the most significant stakeholder in the company, with 1.24 million shares worth $18.86 million.
Brookline Bancorp, Inc. posted its Q3 results in October. EPS in the period totaled $0.37, beating estimates by $0.04. Revenue for Q3 totaled $76.29 million, surpassing estimated revenue by $4.33 million. A quarterly dividend of $0.125 per share was also announced by the company in October, up 4.2% from the previous dividend of $0.120.
Elizabeth Park Capital Management holds 253,278 shares in Brookline Bancorp, Inc. worth over $3.87 million, representing 1.35% of its investment portfolio. In the third quarter of 2021, the hedge fund has trimmed its stake in the company by 9%. As of the third quarter of 2021, 9 hedge funds in the database of Insider Monkey were bullish on Brookline Bancorp, Inc., with stakes worth over $41.80 million.
Citizens Financial Group, Inc., KeyCorp, and Signature Bank are some of the dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management, along with Brookline Bancorp, Inc..
9. Citizens Financial Group, Inc. (NYSE:CFG)
Elizabeth Park Capital Management Stake Value: $7,528,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 2.64%
Number of Hedge Fund Holders: 34
Dividend Yield: 3.06%
Citizens Financial Group, Inc. is a bank holding company in the United States that offers retail and commercial banking services. In November, Citizens Financial Group, Inc. declared a special dividend of $0.248 per share.
In the third quarter of 2021, Citizens Financial Group, Inc. had an EPS of $1.22, beating estimates by $0.07. In addition, the company’s revenue was $1.65 billion, surpassing the analysts’ expectations by $10 million.
As of the third quarter, 34 hedge funds in Insider Monkey’s database of 867 funds held stakes in Citizens Financial Group, Inc. compared to 36 funds in the previous quarter. Ian Simm’s Impax Asset Management is Citizens Financial Group, Inc.’s (NYSE:CFG) most significant stakeholder, with 798,611 shares worth $37.52 million.
8. KeyCorp (NYSE:KEY)
Elizabeth Park Capital Management Stake Value: $5,124,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.8%
Number of Hedge Fund Holders: 36
Dividend Yield: 3.26%
KeyCorp is a holding company for banks. The company operates through its subsidiary, KeyBank National Association, which is a bank-based financial services company. In November, KeyBank National Association, a subsidiary of KeyCorp, bought XUP Payments, a B2B digital platform that enables quick and easy client onboarding and support.
In November, KeyCorp announced a quarterly dividend of $0.195 per share, up 5.4% from the previous payout of $0.185. In addition, the company had an EPS of $0.65 in the third quarter of 2021, which was $0.09 higher than expected. KeyCorp’s (NYSE:KEY) revenue was $1.82 billion, up 7.7% year over year.
KeyCorp has also gained 38% in the past twelve months. The company saw a decrease in hedge fund sentiment recently. The number of long hedge fund positions in the company declined to 36 in the third quarter compared to 40 positions in the previous quarter.
7. Virginia National Bankshares Corporation (NASDAQ:VABK)
Elizabeth Park Capital Stake Value: $3,544,000
Percentage of Elizabeth Park Capital’s 13F Portfolio: 1.24%
Number of Hedge Fund Holders: 4
Dividend Yield: 3.27%
Virginia National Bankshares Corporation (NASDAQ:VABK) is the holding company for Virginia National Bank, a commercial bank that provides various services. The hedge fund chaired by Fred Cummings holds close to 98,076 shares in Virginia National Bankshares Corporation worth over $3.54 million.
In August, Virginia National Bankshares Corporation declared a quarterly dividend of $0.30 per share, consistent with previous years.
There were 4 hedge funds in our database that held stakes in Virginia National Bankshares Corporation in the third quarter of 2021, compared to 5 funds in the previous quarter.
6. Flushing Financial Corporation (NASDAQ:FFIC)
Elizabeth Park Capital Management Stake Value: $3,261,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.14%
Number of Hedge Fund Holders: 11
Dividend Yield: 3.42%
Flushing Financial Corporation (NASDAQ:FFIC) is a bank holding company for Flushing Savings Bank, a bank and financial services provider. The stock is a new arrival on Fred Cummings’ portfolio, as his hedge fund bought about 144,287 shares of the company, worth $3.26 million. In addition, Elizabeth Park Capital Management’s stake of Flushing Financial Corporation is paying off, as the company stock is up by 63.01% over the last twelve months.
On November 23, Flushing Financial Corporation declared a quarterly dividend of $0.21 per share, in line with the previous. In October, the firm announced EPS of $0.88 for the third quarter, exceeding analyst forecasts by $0.23. Furthermore, Flushing Financial Corporation’s (NASDAQ:FFIC) sales of $64.23 million topped consensus estimates by $0.36 million.
Mario Gabelli’s GAMCO Investors is the most significant stakeholder in Flushing Financial Corporation, with 935,150 shares worth $21.13 million. The company was in 11 hedge funds’ portfolios in the third quarter of 2021.
Just like Citizens Financial Group, Inc., KeyCorp, and Signature Bank, Flushing Financial Corporation is one of the dividend stocks in Fred Cummings’ Elizabeth Park Capital Management 13F portfolio in Q3.
5. Premier Financial Corp. (NASDAQ:PFC)
Elizabeth Park Capital Management Stake Value: $8,757,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 3.08%
Number of Hedge Fund Holders: 12
Dividend Yield: 3.46%
Premier Financial Corp. (NASDAQ:PFC) offers a variety of financial services through its subsidiaries.
In November, Raymond James analyst David Long downgraded Premier Financial Corp. to “Market Perform” from “Outperform.” In a research note, the analyst informs investors that the bank failed the firm’s Q3 EPS and PTPPI estimates, resulting in negative revisions.
Out of the hedge funds being tracked by Insider Monkey, Jim Simons’ Renaissance Technologies is a leading shareholder in Premier Financial Corp. with 708,414 shares worth $22.56 million, corresponding to 0.02% of its total 13F portfolio.
4. Macatawa Bank Corporation (NASDAQ:MCBC)
Elizabeth Park Capital Management Stake Value: $5,191,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.82%
Number of Hedge Fund Holders: 10
Dividend Yield: 3.55%
Macatawa Bank Corporation (NASDAQ:MCBC) serves as the holding company for Macatawa Bank, a commercial and consumer bank offering trust services. In October, Macatawa Bank Corporation declared a quarterly dividend of $0.08 per share, in line with the previous.
Among hedge funds being tracked by Insider Monkey, Renaissance Technologies held the most valuable stake in Macatawa Bank Corporation, worth $9.57 million, in the third quarter. In October, Macatawa Bank Corporation declared earnings results for the third quarter, posting revenue of more than $19.94 million, down 4% year-on-year.
In the third quarter of 2021, 10 hedge funds in the database of Insider Monkey held stakes worth $ 18.63 million in Macatawa Bank Corporation, up from 8 in the preceding quarter worth $17.33 million.
3. Umpqua Holdings Corporation (NASDAQ:UMPQ)
Elizabeth Park Capital Management Stake Value: $5,565,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.95%
Number of Hedge Fund Holders: 23
Dividend Yield: 4.17%
Umpqua Holdings Corporation (NASDAQ:UMPQ) is the parent company of Umpqua Bank, which is a commercial and retail bank with retail brokerage services. Out of the hedge funds being tracked by Insider Monkey, Pzena Investment Management is a leading shareholder in Umpqua Holdings Corporation, with 2.69 million shares worth more than $54.55 million.
In November, Umpqua Holdings Corporation announced a quarterly dividend of $0.21 per share, in line with the previous. Umpqua Holdings Corporation posted its Q3 results in October. EPS in the period totaled $0.49, beating estimates by $0.05.
Following the announcement in October that Umpqua Holdings Corporation and Columbia Banking System agreed to merge in an all-stock transaction, Stephens analyst Andrew Terrell downgraded Umpqua Holdings to “Equal Weight” from “Overweight” with a price objective of $19, down from $23. As of the third quarter of 2021, 23 hedge funds in the database of Insider Monkey were bullish on Umpqua Holdings Corporation, with stakes worth over $232.61 million.
2. Peoples Bancorp Inc. (NASDAQ:PEBO)
Elizabeth Park Capital Management Stake Value: $5,758,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 2.02%
Number of Hedge Fund Holders: 13
Dividend Yield: 4.35%
Peoples Bancorp Inc. (NASDAQ:PEBO) is a financial holding company that offers banking, investing, insurance, and trust services. In September, R. Scott Siefers of Piper Sandler upgraded Peoples Bancorp Inc. to “Overweight” from “Neutral,” with a price target of $35, up from $32.
In the third quarter of 2021, Peoples Bancorp Inc. had an EPS of -$0.28, missing estimates by $0.21. The company’s revenue was $58.92 million, up 13.5% year over year and beating estimates by $1.86 million. Peoples Bancorp Inc. also announced a quarterly dividend of $0.36 per share, in line with the previous.
In the third of 2021, 13 hedge funds out of the 867 tracked by Insider Monkey held stakes in Peoples Bancorp Inc., worth roughly $26.78 million. This is compared to 10 hedge funds in the previous quarter with a total stake value of approximately $20.64 million.
1. United Security Bancshares (NASDAQ:UBFO)
Elizabeth Park Capital Management Stake Value: $1,830,000
Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 0.64%
Number of Hedge Fund Holders: 4
Dividend Yield: 5.68%
California-based United Security Bancshares (NASDAQ:UBFO) is a holding corporation that provides commercial banking services. In September, United Security Bancshares announced a quarterly dividend of $0.06 per share, in line with the previous quarter’s dividend payout.
In October, United Security Bancshares posted earnings results for the third quarter, reporting revenue of $10.27 million, up 22.6% Y/Y. The company shares have gained about 6% over the last twelve months.
United Security Bancshares is the latest addition in Fred Cummings’ hedge fund portfolio, as Elizabeth Park Capital Management bought 150,000 shares of the company, worth $1.83 million. In the third quarter of 2021, 4 hedge funds in the database of Insider Monkey held stakes worth $6.74 million in United Security Bancshares.
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This article is originally published at Insider Monkey.
