In this article, we will discuss the 5 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management. If you want to read our detailed analysis of Cummings’ history, investment philosophy, and hedge fund performance, go directly to the 10 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management.
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. (NASDAQ:PFC) 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. (NASDAQ:PFC) 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 (NASDAQ:MCBC) 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 (NASDAQ:MCBC), worth $9.57 million, in the third quarter. In October, Macatawa Bank Corporation (NASDAQ:MCBC) 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 (NASDAQ:MCBC), 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 (NASDAQ:UMPQ), with 2.69 million shares worth more than $54.55 million.
In November, Umpqua Holdings Corporation (NASDAQ:UMPQ) 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 (NASDAQ:UMPQ) 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 (NASDAQ:UMPQ), 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. (NASDAQ:PEBO) to “Overweight” from “Neutral,” with a price target of $35, up from $32.
In the third quarter of 2021, Peoples Bancorp Inc. (NASDAQ:PEBO) 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. (NASDAQ:PEBO) 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. (NASDAQ:PEBO), 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 (NASDAQ:UBFO) announced a quarterly dividend of $0.06 per share, in line with the previous quarter’s dividend payout.
In October, United Security Bancshares (NASDAQ:UBFO) 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 (NASDAQ:UBFO) 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 (NASDAQ:UBFO).
You can also take a peek at 10 Dividend Stocks With Over 10% Yield and 10 Monthly Dividend Stocks With Over 5% Yield
