JPMorgan Chase & Co. (JPM)’s Stock Inches Up Amid Private Bank Layoff News

Due to the fact that JPMorgan Chase & Co. (NYSE:JPM) has witnessed declining sentiment from the smart money, it’s safe to say that there was a specific group of fund managers that decided to sell off their full holdings heading into Q2. It’s worth mentioning that Neil Chriss’s Hutchin Hill Capital sold off the biggest position of the “upper crust” of funds tracked by Insider Monkey, worth close to $127.5 million in stock. Bill Miller’s fund, Legg Mason Capital Management, also cut its stock, about $125.3 million worth. These moves are important to note, as total hedge fund interest was cut by 3 funds heading into Q2.

Let’s now take a look at hedge fund activity in other stocks similar to JPMorgan Chase & Co. (NYSE:JPM). We will take a look at The Coca-Cola Company (NYSE:KO), Anheuser-Busch InBev NV (ADR) (NYSE:BUD), Alibaba Group Holding Ltd (NYSE:BABA), and Pfizer Inc. (NYSE:PFE). This group of stocks’ market caps are closest to JPM’s market cap.

As you can see these stocks had an average of 70 hedge funds with bullish positions and the average amount invested in these stocks was $10367 million. That figure was $6932 million in JPM’s case. Pfizer Inc. (NYSE:PFE) is the most popular stock in this table. On the other hand Anheuser-Busch InBev NV (ADR) (NYSE:BUD) is the least popular one with only 32 bullish hedge fund positions. JPMorgan Chase & Co. (NYSE:JPM) is not the most popular stock in this group,  but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PFE might be a better candidate to consider a long position.

Disclosure: None