Despite Banking Worries Citizens Bancshares Corporation (CZBS) Rose 20% in 2023

Smoak Capital Management, LLC, an investment management firm, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund’s net return was 14.9%, which was lower than the S&P 500’s full-year return of 26.2%. During the last few months of the year, there was a significant disparity in performance, which was caused by the broader market’s rally due to predictions of interest rate cuts in 2024. Even though it didn’t match the S&P 500 or previous years, it was still a good year for the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smoak Capital Management featured stocks such as Citizens Bancshares Corporation (OTC:CZBS) in the fourth quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Citizens Bancshares Corporation (OTC:CZBS) is a holding company for Citizens Trust Bank. On January 30, 2024, Citizens Bancshares Corporation (OTC:CZBS) stock closed at $41.00 per share. One-month return of Citizens Bancshares Corporation (OTC:CZBS) was 9.16%, and its shares gained 15.49% of their value over the last 52 weeks. Citizens Bancshares Corporation (OTC:CZBS) has a market capitalization of $85.28 million.

Smoak Capital Management stated the following regarding Citizens Bancshares Corporation (OTC:CZBS) in its fourth quarter 2023 investor letter:

“FitLife, Xpel, and Citizens Bancshares Corporation (OTC:CZBS) were the strongest performers of our portfolio during 2023. Citizens Bancshares was up 20% in 2023 despite all the headwinds/worries surrounding banks during the year. As previously discussed, I’m happy to continue to hold Citizens as a core position as their funding advantages, large valuation discount on earnings and adjusted TBV, and excellent capital allocation all remain.”

A financial advisor and their client discussing the merits of wealth management services.

Citizens Bancshares Corporation (OTC:CZBS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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