Yakira Capital Management, Inc. has revealed through a Schedule 13G filing that it owns 209,975 shares of Alliance Bancorp Inc of Pennsylvania (NASDAQ:ALLB), a 5.21% stake in the savings and loan company. This is an increase of 115,000 shares since the end of March, following the announcement in early March that the company would be acquired by WSFS Financial Corporation (NASDAQ:WSFS).
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The latest purchase continues the bullish sentiment on the stock from Yakira, which purchased 94,975 shares of the financial institution during the first quarter and shows clear confidence in the completion of the firm’s pending merger. Alliance Bancorp Inc of Pennsylvania (NASDAQ:ALLB) saw a spike in its share price in March after it and WSFS Financial Corporation (NASDAQ:WSFS) announced that they entered into a definitive agreement which will see the latter acquire the former. When the acquisition is completed, Alliance Bank, the wholly-owned bank subsidiary of Alliance Bancorp Inc of Pennsylvania, which opened in 1938 will be merged into WSFS Bank, WSFS Financial Corporation’s own wholly-owned bank subsidiary. Alliance Bancorp Inc of Pennsylvania (NASDAQ:ALLB)’s share price has increased 27.56% year-to-date, which can be seen as bolstering Yakira Capital Management, Inc.’s positive outlook on the company.
In the three-month period ending March 31, hedge fund Firefly Value Partners managed by Ryan Heslop and Ariel Warszawski decreased its position in Alliance Bancorp Inc of Pennsylvania (NASDAQ:ALLB) by 43% quarter-over-quarter to 175,427 shares. In the same period, Springbook Capital managed by Gavin Saitowitz and Cisco J. Del Valle added the Pennsylvania-based company to its portfolio, with a position of 7,000 shares. However, Chuck Royce’s Royce & Associates exited its position in Alliance Bancorp Inc of Pennsylvania (NASDAQ:ALLB) during the first quarter of the year. Royce & Associates owned 40,162 shares of the company at the end of the fourth quarter of 2014.