Basswood Capital Management’s Returns, AUM and Holdings

Topping the list of Basswood Capital Management’s largest stakes as of the end of Q3 is Ally Financial Inc. (NYSE:ALLY), followed by OneMain Holdings Inc. (NYSE:OMF) — the same as in the previous quarter. During the third-quarter, the fund raised its stake in Ally Financial Inc. (NYSE:ALLY) by 5%, holding 6.77 million shares valued at $179 million. When it comes to OneMain Holdings Inc. (NYSE:OMF), it remained the fund’s second-largest stake during the Q3, although the fund decreased its position in the company by 15%,to 2.60 million shares valued at $87.28 million.

Basswood Capital Management’s top new holdings added during Q3 include Cit Group Inc (NYSE:CIT), a financial holding company for CIT Bank, in which the fund built a stake worth $19.75 million, buying 382,189 shares. Another is Customers Bancorp Inc. (NYSE:CUBI), a bank holding company for Customers Bank, 244,303 shares of which the fund acquired during the quarter; they were valued at $5.74 million on September 30.

The fund showed some enthusiasm when it comes to Hancock Whitney Corp (NASDAQ:HWC), boosting its stake in the company by an obscene 633,380% to 335,744 shares valued at $15.96 million. The same goes for Sterling Bancorp (NYSE:STL), in which the fund increased its stake by 65% to 2.89 million shares worth $63.65 million. It’s interesting to note that Basswood actually decreased the size of its investment in Wells Fargo & Company (NYSE:WFC), which has been (and still is) one of the fund’s top holdings for years. The fund lowered its stake in the company by 22%, holding 1.25 million shares valued at $65.79 million. The company in which the fund lost interest in the most during Q3 was Maryland-based Sandy Spring Bancorp Inc (NASDAQ:SASR), lowering its stake in the company by 83% to 33,015 shares worth $1.30 million.

The biggest positions Basswood Capital Management decided to completely sell off during the Q3 were its stakes in Old Point Financial Corp (NASDAQ:OPOF) and Huntington Bancshares Inc (NASDAQ:HBAN), selling off 21,404 shares and 90,169 shares, respectively.

Disclosure: None. This article was originally published at Insider Monkey.