SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Hilltop Holdings Inc. for the reporting period ending December 31, 2014. The document discloses the company's holdings of equity securities and certain other financial instruments as required by the Securities and Exchange Commission. It does not contain operational financial statements (e.g., revenue, profit) for Hilltop Holdings itself, but rather details its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing lists the value of securities held, share counts, and voting authority. Key portfolio characteristics include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars. The aggregate value is not explicitly summed in the text, but the portfolio is substantial, with the largest single holding valued at approximately $70.3 million.
- Largest Holding: SWS Group Inc. (10,171,039 shares) valued at $70,282,000. Hilltop holds Sole voting authority for this position.
- Significant Holdings:
- Hilltop Holdings Inc. (Own stock): 136,902 shares valued at $2,731,000.
- ISHARES MRG RL ES CP ETF: 217,720 shares valued at $2,549,000.
- POWERSHARES ETF TRUST II SENIOR LN PORT: 340,089 shares valued at $8,169,000.
- ISHARES U.S. PFD STK ETF: 122,428 shares valued at $4,827,000.
- Asset Classes: The portfolio is diversified across individual equities (e.g., Apple, Exxon Mobil, JPMorgan Chase), Exchange Traded Funds (ETFs) focusing on bonds, real estate, and specific sectors, and preferred stocks.
- Voting Authority: Most positions are held with "Discretionary" authority, split between "Sole" and "Shared" voting rights. The SWS Group position is the only one listed with "Sole" authority.
Material Changes Versus Prior Period
Not Applicable. This filing is a snapshot of holdings as of December 31, 2014. The provided text does not contain comparative data from the prior quarter (September 30, 2014) or year-over-year changes. Therefore, material changes in position size or portfolio composition cannot be determined from this document alone.
Guidance, Outlook, and Risks
Not Applicable. Form 13F filings are regulatory disclosures of holdings and do not include management commentary, forward-looking guidance, risk factors, or contingency plans. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy.
Important Facts for Investor Verification
- Concentration Risk: Verify the impact of the SWS Group Inc. holding ($70.3M), which represents a significant concentration compared to other individual positions.
- Self-Holding: Confirm the strategic intent behind holding 136,902 shares of Hilltop Holdings Inc. stock (valued at $2.7M) within the portfolio.
- ETF Exposure: Note the heavy allocation to fixed-income and preferred stock ETFs (e.g., Powershares Senior Loan, iShares MBS, iShares Preferred Stock), indicating a focus on income generation.
- Voting Control: Verify the implications of holding "Sole" voting authority for SWS Group versus "Shared" or "None" for other positions.
- Data Limitations: Acknowledge that this document provides no data on Hilltop's own revenue, earnings, or cash flow; it only reflects its investment assets.