Regional Bank Investments
Rhino Investment Partners Expands Key Holdings in Regional Banks
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Key Points
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Beyond Rhino's new stake in Farmers & Merchants Bancorp (68,746 shares ≈ $1.77M), a broad set of institutions also expanded FMAO positions in recent periods, including Royal Bank of Canada (+124.6% to 1,159 shares ≈ $28k), Canada Life Assurance Co entering with a new position (≈ $34k), Integrated Quantitative Investments LLC adding a new stake (≈ $207k), BNP Paribas Financial Markets (+66.5% to 3,204 shares ≈ $80k), and Tower Research Capital TRC (+948.7% to 4,436 shares ≈ $112k).
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Rhino acquired 48,585 shares of First Bancorp, Inc (ME) in Q1 (~$1.36M). The stock opened around $35.46, with a market cap near $400M, and about 40.41% of shares owned by institutional investors. Notable activity among peers includes Russell Investments, BNP Paribas Financial Markets, PNC Financial Services Group, Empowered Funds LLC and Rhumbline Advisers.
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Rhino boosted its Mid Penn Bancorp holding by 166.1% to 232,072 shares, worth about $7.46M, making MPB roughly 2.1% of Rhino's portfolio and the 18th largest position. The stock opened at about $38.35 per share.
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Rhino raised its stake in Associated Banc-Corp by 35.8% to 824,104 shares (≈$21.31M), constituting about 5.9% of Rhino's portfolio and the 4th largest holding. The broader filing landscape shows high institutional ownership for ASB (about 82.98%), with investors including California State Teachers Retirement System among others.
Rhino Investment Partners made a series of bold moves in regional banking stocks during the first quarter, expanding positions in four banks while cutting one. The firm's biggest bet was on Associated Banc-Corp, where it raised its stake by 35.8% to 824,104 shares worth about $21.31 million, according to Watchlist News.
The buying spree also covered Farmers & Merchants Bancorp, First Bancorp of Maine, and Mid Penn Bancorp. The one exception was Simmons First National Corporation, where Rhino cut nearly half its position.
Associated Banc-Corp Becomes Rhino's Fourth-Largest Holding
Rhino added 217,344 shares of Associated Banc-Corp in Q1. That brought its total to 824,104 shares, valued at roughly $21.31 million. The position now makes up about 5.9% of Rhino's entire portfolio, according to Watchlist News. Institutional investors as a group own about 82.98% of ASB shares, with California State Teachers Retirement System among the other large holders.
The move signals strong conviction in the Midwest-focused bank. Associated Banc-Corp is now Rhino's fourth-largest single holding. High institutional ownership often signals broad confidence in a stock's stability and long-term value.
Mid Penn Bancorp Stake More Than Doubles in One Quarter
Rhino's most dramatic percentage move was in Mid Penn Bancorp. The firm boosted its stake by 166.1%, ending the quarter with 232,072 shares worth about $7.46 million. The stock opened at roughly $38.35 per share. That makes MPB about 2.1% of Rhino's portfolio and its 18th largest position, per Watchlist News.
A 166% increase in a single quarter is a significant shift. It suggests Rhino sees strong upside in the Pennsylvania-based community bank. Mid Penn has been expanding through acquisitions in recent years, growing its regional footprint.
New Positions in FMAO and FNLC Draw Wider Institutional Interest
Rhino bought 68,746 shares of Farmers & Merchants Bancorp worth about $1.77 million. It also entered First Bancorp of Maine with 48,585 shares worth roughly $1.36 million. First Bancorp opened around $35.46 per share, with a market cap near $400 million. About 40.41% of its shares are held by institutional investors, according to Watchlist News.
Rhino was not alone in targeting these smaller banks. For Farmers & Merchants Bancorp, Tower Research Capital grew its stake by 948.7% to 4,436 shares. BNP Paribas Financial Markets raised its FMAO position by 66.5% to 3,204 shares. Canada Life Assurance Co and Integrated Quantitative Investments LLC both entered with brand-new positions, per Watchlist News.
Rhino Slashes Simmons First Stake by Nearly Half
Not every regional bank got more Rhino money. The firm sold 642,196 shares of Simmons First National Corporation during Q1. That cut its position by 46.9%, leaving it with 726,883 shares valued at about $14.14 million. The same filing also showed Rhino cut its Truist Financial stake by 75.9%, according to Watchlist News and Ticker Report.
The paired cuts suggest Rhino is rotating out of larger regional and national banks. It appears to be shifting capital toward smaller community banks with more targeted geographic exposure. The strategy trades scale for focus.
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