PL Capital Advisors, LLC
Long book
$331.6M
Q1 2026
Positions
30
Top-10 weight
82%
concentration
Last quarter
+17.3%
SPY +14.8%
Turnover
19%
of book per quarter
Strategy in plain words
auto-generated from filingsPL Capital Advisors, LLC is a concentrated fundamental stock-picker, specialised in financials (100% of the long book), running a $331.6M US long book across 30 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: FINANCIAL INSTITUTIONS INC, BANC OF CALIFORNIA INC, ENTERPRISE FINANCIAL SERVICE, HORIZON BANCORP INC/IN, FIRST MERCHANTS CORP.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.3%
Q2 2024
+17.9%
Q3 2024
+3.8%
Q4 2024
-4.1%
Q1 2025
+2.2%
Q2 2025
+7.5%
Q3 2025
+7.9%
Q4 2025
-0.3%
Q1 2026
+17.3%
Sector allocation
Financials 89%
Other 11%
Long book by quarter
What does PL Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FISI FINANCIAL INSTITUTIONS INC | Financials | 1.8M | $57.6M | 17.4% | +0.7% |
| BANC BANC OF CALIFORNIA INC | Financials | 2.9M | $51.8M | 15.6% | Held |
| EFSC ENTERPRISE FINANCIAL SERVICE | Financials | 733.3K | $39.7M | 12.0% | Held |
| HBNC HORIZON BANCORP INC/IN | Financials | 1.8M | $30.0M | 9.1% | Held |
| FRME FIRST MERCHANTS CORP | Financials | 686.3K | $26.6M | 8.0% | Held |
| FNB FNB CORP | Financials | 992.8K | $16.6M | 5.0% | -29.7% |
| FNWD FINWARD BANCORP | Financials | 395.7K | $14.4M | 4.3% | Held |
| ARBV AMERICAN RIVIERA BANCORP | — | 569.5K | $13.4M | 4.1% | Held |
| BNCC BNCCORP | — | 334.9K | $11.9M | 3.6% | New |
| FLG FLAGSTAR BANK NA | Financials | 835.3K | $11.0M | 3.3% | New |
| IBCP INDEPENDENT BANK CORP - MICH | Financials | 319.0K | $10.6M | 3.2% | Held |
| NBTB N B T BANCORP INC | Financials | 208.0K | $8.9M | 2.7% | Held |
| CWBC COMMUNITY WEST BANCSHARES | Financials | 329.6K | $7.7M | 2.3% | Held |
| FRBA FIRST BANK/HAMILTON NJ | — | 478.9K | $7.7M | 2.3% | Held |
| CHMG CHEMUNG FINANCIAL CORP | Financials | 109.3K | $5.9M | 1.8% | Held |
| MGYR MAGYAR BANCORP INC | Financials | 183.3K | $3.2M | 1.0% | Held |
| FRST PRIMIS FINANCIAL CORP | Financials | 237.2K | $3.2M | 1.0% | Held |
| ORRF ORRSTOWN FINL SERVICES INC | Financials | 64.4K | $2.3M | 0.7% | Held |
| FHN FIRST HORIZON CORP | Financials | 100.0K | $2.3M | 0.7% | Held |
| PGC PEAPACK GLADSTONE FINL CORP | Financials | 45.5K | $1.6M | 0.5% | Held |
| FMBM F & M BANK CORP | Financials | 35.2K | $1.1M | 0.3% | Held |
| RMBI RICHMOND MUTUAL BANCORPORATI | Financials | 61.7K | $838K | 0.3% | +9665.7% |
| INBC INBANKSHARES CORP | — | 54.1K | $643K | 0.2% | Held |
| SBFG SB FINANCIAL GROUP INC | Financials | 30.0K | $630K | 0.2% | New |
| FNRN FIRST NORTHERN COMMUNITY BAN | Financials | 38.3K | $609K | 0.2% | +5.0% |
| PBAM PRIVATE BANCORP OF AMERICA I | — | 7.0K | $476K | 0.1% | New |
| PBNC PB FINL CORP | — | 7.1K | $462K | 0.1% | +102.9% |
| CBAF CITBA FINANCIAL CORP | — | 11.5K | $457K | 0.1% | -60.7% |
| FMBH FIRST MID BANCSHARES INC | Financials | 3.3K | $138K | 0.0% | New |
| MFGI MERCHANTS FINANCIAL GROUP IN | — | 1.4K | $48K | 0.0% | +666.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 30 | $331.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 26 | $317.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 26 | $301.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 25 | $299.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 27 | $297.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ARESTATEMENT | Feb 5, 2025 | 29 | $293.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 29 | $13.4M | SEC ↗ | |
| Q3 2024 | 13F-HR | Oct 29, 2024 | 28 | $280.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 17, 2024 | 28 | $240.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 1, 2024 | 31 | $262.5M | canonical | SEC ↗ |