10 Most Popular Stocks Among Hedge Funds (Part 2)

8. Citigroup Inc (NYSE:C)

As of the end of the first quarter, 112 hedge funds in our database held $9.8 billion worth of Citigroup Inc (NYSE:C) shares, ranking the stock as the eighth-most popular among the smart money. Citigroup has finally rid itself of the effects of the financial crisis, thanks to exerting strong control over its expenses. Last week, Citigroup surged after UBS analyst Saul Martinez abandoned his bearish thesis on the stock, upping his rating on it to ‘Neutral’ from ‘Sell’ and raising his price target on it to $64. Mr. Martinez had previously asserted that Citigroup wasn’t in a position to leverage expected tax cuts, higher interest rates, and economic growth, hopes for the latter of which are rapidly fading. According to FactSet analysis, about 43.1% of Citi’s revenue comes from the U.S. Natixis Global Asset Management’s Harris Associates reported owning 41.13 million shares of Citigroup Inc (NYSE:C) as of the end of March.

Kiev.Victor / Shutterstock.com