Hedge Funds Are Buying Financial Institutions, Inc. (FISI)

As one would reasonably expect, key money managers were leading the bulls’ herd. AlphaOne Capital Partners initiated the most outsized position in Financial Institutions, Inc. (NASDAQ:FISI). AlphaOne Capital Partners had $4.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.2 million position during the quarter.

Let’s check out hedge fund activity in other stocks similar to Financial Institutions, Inc. (NASDAQ:FISI). We will take a look at Dynex Capital Inc (NYSE:DX), Boulevard Acquisition Corp ll (NASDAQ:BLVDU), Nobilis Health Corp (NYSEMKT:HLTH), and Blackrock Corporate High Yield Fund Inc (NYSE:HYT). This group of stocks’ market values match Financial Institutions, Inc. (NASDAQ:FISI)’s market value.

As you can see, these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $69 million. That figure was $9 million in Financial Institutions, Inc. (NASDAQ:FISI)’s case. Boulevard Acquisition Corp li (NASDAQ:BLVDU) is the most popular stock in this table. On the other hand, Dynex Capital Inc (NYSE:DX) is the least popular one with only 5 bullish hedge fund positions. Financial Institutions, Inc. (NASDAQ:FISI) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Boulevard Acquisition Corp li (NASDAQ:BLVDU) might be a better candidate to consider a long position.