Hedge Funds Are Crazy About Suffolk Bancorp (SUBK)

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As industrywide interest jumped, specific money managers were leading the bulls’ herd. Millennium Management, managed by Israel Englander, initiated the biggest position in Suffolk Bancorp (NASDAQ:SUBK). worth an estimated $0.4 million at the end of the quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Suffolk Bancorp (NASDAQ:SUBK). These stocks are Xueda Education Group (ADR) (NYSE:XUE), Arlington Asset Investment Corp (NYSE:AI), Wausau Paper Corp. (NYSE:WPP), and Vimicro International Corporation (ADR) (NASDAQ:VIMC). This group of stocks’ market valuations resemble SUBK’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
XUE 9 21375 3
AI 7 7147 0
WPP 17 116012 7
VIMC 5 9188 3

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $38 million. That figure was $60 million in SUBK’s case. Wausau Paper Corp. (NYSE:WPP) is leading the pack, while Vimicro International Corporation (ADR) (NASDAQ:VIMC) is the outsider with only 5 bullish hedge fund positions. Suffolk Bancorp (NASDAQ:SUBK) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard WPP might be a better candidate to consider a long position.

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