Castine Capital’s Profitable Q3 Bets On QCR Holdings, Inc. (QCRH), U.S. Bancorp (USB), More

Castine Capital Management shrunk its stake in PNC Financial Services (NYSE:PNC) in the third quarter, as it reported owning 62,067 shares of the company as of September 30, versus 65,000 shares a quarter earlier. The worth of the updated stake was $5.59 million at the end of September. The stock returned 11.4% during the third quarter.

Heading into the third quarter of 2016, a total of 45 of the hedge funds tracked by Insider Monkey held long positions in this stock, down by 4% from the first quarter of 2016. When looking at the institutional investors followed by Insider Monkey, AQR Capital Management, managed by Cliff Asness, holds the most valuable position in PNC Financial Services (NYSE:PNC). AQR Capital Management has a $378.9 million position in the stock, comprising 0.7% of its 13F portfolio. The second largest stake is held by Pzena Investment Management, managed by Richard S. Pzena, which holds a $174.3 million position. Some other professional money managers that are bullish contain Ric Dillon’s Diamond Hill Capital, D E Shaw, founded by David E. Shaw, and Mario Gabelli’s GAMCO Investors.

Lastly, Castine Capital Management sold off its stake in U.S. Bancorp (NYSE:USB) in the third quarter. The fund had 111,250 shares of the company at the start of the second quarter but unloaded them during the third quarter, during which time the stock returned 7%.

Heading into the third quarter of 2016, Castine was one of 48 hedge funds tracked by Insider Monkey which held long positions in the stock, a 2% increase from one quarter earlier. The largest stake in U.S. Bancorp (NYSE:USB) was held by Berkshire Hathaway, which reported holding $3.43 billion worth of stock as of the end of June. It was followed by First Eagle Investment Management with a $458.1 million position. Other investors bullish on the company included Yacktman Asset Management, Maverick Capital, and Renaissance Technologies.

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