This Metric Says You Are Smart to Buy First Niagara Financial Group Inc. (FNFG)

Page 1 of 2

Is First Niagara Financial Group Inc. (NASDAQ:FNFG) a buy, sell, or hold? Prominent investors are getting more optimistic. The number of bullish hedge fund positions inched up by 1 in recent months.

First Niagara Financial Group Inc. (NASDAQ:FNFG)At the moment, there are tons of gauges market participants can use to watch the equity markets. A pair of the most innovative are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the top investment managers can beat the S&P 500 by a healthy margin (see just how much).

Equally as key, optimistic insider trading sentiment is a second way to parse down the financial markets. Obviously, there are plenty of reasons for an executive to drop shares of his or her company, but just one, very simple reason why they would initiate a purchase. Many empirical studies have demonstrated the useful potential of this tactic if piggybackers understand what to do (learn more here).

Keeping this in mind, let’s take a look at the recent action surrounding First Niagara Financial Group Inc. (NASDAQ:FNFG).

What does the smart money think about First Niagara Financial Group Inc. (NASDAQ:FNFG)?

Heading into Q2, a total of 19 of the hedge funds we track held long positions in this stock, a change of 6% from the previous quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their holdings considerably.

When looking at the hedgies we track, Citadel Investment Group, managed by Ken Griffin, holds the largest position in First Niagara Financial Group Inc. (NASDAQ:FNFG). Citadel Investment Group has a $60.7 million position in the stock, comprising 0.1% of its 13F portfolio. The second largest stake is held by Dreman Value Management, managed by David Dreman, which held a $27.1 million position; the fund has 0.7% of its 13F portfolio invested in the stock. Some other hedgies with similar optimism include Israel Englander’s Millennium Management, Steven Cohen’s SAC Capital Advisors and Ric Dillon’s Diamond Hill Capital.

As aggregate interest increased, key hedge funds have been driving this bullishness. Hutchin Hill Capital, managed by Neil Chriss, assembled the largest position in First Niagara Financial Group Inc. (NASDAQ:FNFG). Hutchin Hill Capital had 13.1 million invested in the company at the end of the quarter. Daniel S. Och’s OZ Management also made a $12.1 million investment in the stock during the quarter. The following funds were also among the new FNFG investors: Bruce Kovner’s Caxton Associates LP, Israel Englander’s Catapult Capital Management, and Louis Bacon’s Moore Global Investments.

Insider trading activity in First Niagara Financial Group Inc. (NASDAQ:FNFG)

Insider trading activity, especially when it’s bullish, is most useful when the company we’re looking at has seen transactions within the past six months. Over the latest half-year time period, First Niagara Financial Group Inc. (NASDAQ:FNFG) has seen 3 unique insiders buying, and zero insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to First Niagara Financial Group Inc. (NASDAQ:FNFG). These stocks are Washington Federal Inc. (NASDAQ:WAFD), Ocwen Financial Corporation (NYSE:OCN), Hudson City Bancorp, Inc. (NASDAQ:HCBK), People’s United Financial, Inc. (NASDAQ:PBCT), and Investors Bancorp, Inc. (NASDAQ:ISBC). This group of stocks are the members of the savings & loans industry and their market caps are similar to FNFG’s market cap.

Page 1 of 2
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!