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. If you want to skip our detailed analysis of Cummings’ history, investment philosophy, and hedge fund performance, go directly to the 5 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management.
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. (NASDAQ:BRKL) 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. (NASDAQ:BRKL) 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. (NASDAQ:BRKL), with stakes worth over $41.80 million.
Citizens Financial Group, Inc. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY) are some of the dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management, along with Brookline Bancorp, Inc. (NASDAQ:BRKL).
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. (NYSE:CFG) is a bank holding company in the United States that offers retail and commercial banking services. In November, Citizens Financial Group, Inc. (NYSE:CFG) declared a special dividend of $0.248 per share.
In the third quarter of 2021, Citizens Financial Group, Inc. (NYSE:CFG) 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. (NYSE:CFG) 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 (NYSE:KEY) 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 (NYSE:KEY), bought XUP Payments, a B2B digital platform that enables quick and easy client onboarding and support.
In November, KeyCorp (NYSE:KEY) 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 (NYSE:KEY) 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 (NASDAQ:VABK) worth over $3.54 million.
In August, Virginia National Bankshares Corporation (NASDAQ:VABK) 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 (NASDAQ:VABK) 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 (NASDAQ:FFIC) is paying off, as the company stock is up by 63.01% over the last twelve months.
On November 23, Flushing Financial Corporation (NASDAQ:FFIC) 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 (NASDAQ:FFIC), 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. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY), Flushing Financial Corporation (NASDAQ:FFIC) is one of the dividend stocks in Fred Cummings’ Elizabeth Park Capital Management 13F portfolio in Q3.
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Disclosure: None. 10 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital is originally published on Insider Monkey.
