Should You Avoid Everest Re Group Ltd (RE)?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cashed in their entire stakes in the stock during the third quarter. Interestingly, Dmitry Balyasny’s Balyasny Asset Management cashed in the biggest position of the “upper crust” of funds followed by Insider Monkey, worth an estimated $16.7 million in stock, and George Hall’s Clinton Group was right behind this move, as the fund dropped about $5.4 million worth of Everest Re Group Ltd (NYSE:RE) shares.

Let’s now take a look at hedge fund activity in other stocks similar to Everest Re Group Ltd (NYSE:RE). These stocks are Teleflex Incorporated (NYSE:TFX), A. O. Smith Corporation (NYSE:AOS), Broadridge Financial Solutions, Inc. (NYSE:BR), and Camden Property Trust (NYSE:CPT). This group of stocks’ market valuations resemble RE’s market valuation.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $326 million. That figure was $656 million in RE’s case. Teleflex Incorporated (NYSE:TFX) is the most popular stock in this table. On the other hand Camden Property Trust (NYSE:CPT) is the least popular one with only 8 bullish hedge fund positions. Everest Re Group Ltd (NYSE:RE) 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 TFX might be a better candidate to consider taking a long position in.

Disclosure: None