Hedge Funds Are Crazy About The First of Long Island Corporation (FLIC)

As aggregate interest increased, specific money managers have jumped into The First of Long Island Corporation (NASDAQ:FLIC) headfirst. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, initiated the biggest position in The First of Long Island Corporation (NASDAQ:FLIC). Arrowstreet Capital had $0.6 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also made a $0.2 million investment in the stock during the quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as The First of Long Island Corporation (NASDAQ:FLIC) but similarly valued. These stocks are Pzena Investment Management, Inc. (NYSE:PZN), Strayer Education Inc (NASDAQ:STRA), Meta Financial Group Inc. (NASDAQ:CASH), and SunCoke Energy, Inc (NYSE:SXC). This group of stocks’ market caps are closest to FLIC’s market cap.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $77 million. That figure was $69 million in FLIC’s case. Meta Financial Group Inc. (NASDAQ:CASH) is the most popular stock in this table. On the other hand Pzena Investment Management, Inc. (NYSE:PZN) is the least popular one with only 6 bullish hedge fund positions. The First of Long Island Corporation (NASDAQ:FLIC) 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 CASH might be a better candidate to consider taking a long position in.

Disclosure: None