S & T Bancorp Inc (NASDAQ:STBA)
has seen an increase in activity from the world's largest hedge funds lately.
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Just as integral, bullish insider trading sentiment is another way to break down the financial markets. Obviously, there are lots of stimuli for an insider to cut shares of his or her company, but only one, very clear reason why they would behave bullishly. Various academic studies have demonstrated the market-beating potential of this tactic if investors understand where to look (learn more here
With all of this in mind, let's take a glance at the latest action encompassing S & T Bancorp Inc (NASDAQ:STBA
What does the smart money think about S & T Bancorp Inc (NASDAQ:STBA)?
In preparation for this year, a total of 5 of the hedge funds we track held long positions in this stock, a change of 67% from the previous quarter. With hedge funds' sentiment swirling, there exists an "upper tier" of key hedge fund managers who were boosting their holdings substantially.
According to our comprehensive database, Ken Gray and Steve Walsh's Bryn Mawr Capital
had the most valuable position in S & T Bancorp Inc (NASDAQ:STBA), worth close to $3.3 million, comprising 0.3% of its total 13F portfolio. The second largest stake is held by Citadel Investment Group
, managed by Ken Griffin, which held a $0.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other peers that hold long positions include Israel Englander's Millennium Management
, John Overdeck and David Siegel's Two Sigma Advisors
and Jim Simons's Renaissance Technologies
As industrywide interest jumped, key hedge funds have been driving this bullishness. Citadel Investment Group
, managed by Ken Griffin, initiated the most outsized position in S & T Bancorp Inc (NASDAQ:STBA). Citadel Investment Group had 0.6 million invested in the company at the end of the quarter. Israel Englander's Millennium Management
also initiated a $0.6 million position during the quarter. The only other fund with a new position in the stock is Jim Simons's Renaissance Technologies
What have insiders been doing with S & T Bancorp Inc (NASDAQ:STBA)?
Insider buying is best served when the company in question has experienced transactions within the past 180 days. Over the last half-year time period, S & T Bancorp Inc (NASDAQ:STBA) has seen 1 unique insiders buying, and 6 insider sales (see the details of insider trades here
Let's also review hedge fund and insider activity in other stocks similar to S & T Bancorp Inc (NASDAQ:STBA). These stocks are Oritani Financial Corp. (NASDAQ:ORIT
), Washington Trust Bancorp (NASDAQ:WASH
), Northfield Bancorp Inc (NASDAQ:NFBK
), Tompkins Financial Corporation (NYSEAMEX:TMP
), and TrustCo Bank Corp NY (NASDAQ:TRST
). This group of stocks belong to the regional - northeast banks industry and their market caps are closest to STBA's market cap.