Do Hedge Funds Love People’s United Financial, Inc. (PBCT)?

Seeing as People’s United Financial, Inc. (NASDAQ:PBCT) has encountered falling interest from the smart money, logic holds that there lies a certain “tier” of hedgies who were dropping their full holdings by the end of the third quarter. It’s worth mentioning that John Overdeck and David Siegel’s Two Sigma Advisors dumped the biggest investment of all the investors monitored by Insider Monkey, totaling an estimated $6.5 million in stock. Millennium Management, one of the 10 largest hedge funds in the world, also dropped its stock, about $1.4 million worth.

Let’s go over hedge fund activity in other stocks similar to People’s United Financial, Inc. (NASDAQ:PBCT). We will take a look at Toll Brothers Inc (NYSE:TOL), Tesoro Logistics LP (NYSE:TLLP), CubeSmart (NYSE:CUBE), and International Game Technology (NYSE:IGT). All of these stocks’ market caps are similar to PBCT’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $309 million. That figure was just $54 million in PBCT’s case. International Game Technology (NYSE:IGT) is the most popular stock in this table. On the other hand Tesoro Logistics LP (NYSE:TLLP) is the least popular one with only six bullish hedge fund positions. People’s United Financial, Inc. (NASDAQ:PBCT) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard International Game Technology (NYSE:IGT) might be a better candidate to consider taking a long position in.

Disclosure: none