M3F Inc., a Salt Lake City-based hedge fund manager, added 11 new banking positions during the fourth quarter of 2018, according to the firm's most recent Form 13F filing.

M3F's largest new stake, a $4.6 million position in Wells Fargo & Co., became its eighth-largest investment overall at the end of December. M3F also revealed a new $3.2 million investment in New York-based Signature Bank and a $3.0 million investment in Montebello, N.Y.-based Sterling Bancorp.

The hedge fund manager boosted its position in Citizens Financial Group Inc. by 81.2% in the fourth quarter, making the bank its single-largest investment, at $8.9 million. M3F was also bullish on Dallas-based Hilltop Holdings Inc., more than doubling its stake in the bank to $8.3 million and making Hilltop its second-largest holding at Dec. 31.

M3F fully exited Fifth Third Bancorp during the fourth quarter. The bank was its third-largest position at the end of September 2018. M3F's only other exit, Lacey, Wash.-based Anchor Bancorp, was acquired by Mountlake Terrace, Wash.-based FS Bancorp Inc. on Nov. 15.

Founded in 2009, M3F focuses on common stock investments in the financial services industry. The principals are Jason Stock and William Waller.

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