Capital One Financial Corp. (COF) In Midst Of Steepest Decline Year-to-Date Following Poor Quarterly Results

How are hedge funds trading Capital One Financial Corp. (NYSE:COF)?

At the end of the first quarter, a total of 51 of the hedge funds tracked by Insider Monkey were bullish in this stock, a decline of four from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings meaningfully.

According to hedge fund experts at Insider Monkey, Ric Dillon’s Diamond Hill Capital held the largest stake in the company at the end of the first quarter, of 3.54 million shares worth $278.92 million. Thomas E. Claugus’ GMT Capital had the second-largest position in Capital One Financial Corp. (NYSE:COF), worth close to $179.8 million with 2.28 million shares, accounting for 4.4% of its total 13F portfolio. Some other hedge funds that hold long positions contain Andreas Halvorsen’s Viking Global, David Harding’s Winton Capital Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Since Capital One Financial Corp. (NYSE:COF) has experienced a decline in the number of investors, it’s easy to see that there exists a select few hedge funds who were dropping their entire stakes during the first quarter. At the top of the heap, Phill Gross and Robert Atchinson‘s Adage Capital Management dumped the biggest investment of all the hedgies followed by Insider Monkey, totaling close to $72 million in stock. Clint Carlson’s fund, Carlson Capital, also cut its stock, about $42.1 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by four funds by the end of the first quarter.

Considering positive hedge fund sentiment at the end of the first quarter, we would recommend investors keep a close eye on the stock and invest in case of further weakness.

Disclosure: None