What do Hedge Funds Think of Zions Bancorporation (ZION)?

Since Zions Bancorporation (NASDAQ:ZION) has faced declining sentiment from the entirety of the hedge funds we track, logic holds that there is a sect of hedge funds that elected to cut their positions entirely in the third quarter. Intriguingly, Neil Chriss’s Hutchin Hill Capital dropped the biggest position of all the hedgies followed by Insider Monkey, totaling an estimated $32.5 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund said goodbye to about $22.4 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 4 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Zions Bancorporation (NASDAQ:ZION). We will take a look at CoStar Group Inc (NASDAQ:CSGP), Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC), RPM International Inc. (NYSE:RPM), and Jack Henry & Associates, Inc. (NASDAQ:JKHY). This group of stocks’ market values match ZION’s market value.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $103 million. That figure was $551 million in ZION’s case. CoStar Group Inc (NASDAQ:CSGP) is the most popular stock in this table. On the other hand Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Zions Bancorporation (NASDAQ:ZION) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.