Hedge Funds Are Dumping First Connecticut Bancorp Inc (FBNK)

Seeing as First Connecticut Bancorp Inc (NASDAQ:FBNK) has encountered a decline in interest from the entirety of the hedge funds we track, it’s safe to say that there were a few money managers that slashed their full holdings heading into Q4. Interestingly, Anton Schutz’s Mendon Capital Advisors cashed in the largest investment of all the investors tracked by Insider Monkey, comprising about $2.4 million in stock, and Joshua Nash’s Ulysses Management was right behind this move, as the fund cut about $0.8 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to First Connecticut Bancorp Inc (NASDAQ:FBNK). We will take a look at Gafisa SA (ADR) (NYSE:GFA), Silicon Graphics International Corp (NASDAQ:SGI), LSI Industries, Inc. (NASDAQ:LYTS), and Trecora Resources (NYSE:TREC). All of these stocks’ market caps are closest to FBNK’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GFA 3 2709 0
SGI 16 64365 7
LYTS 12 35199 1
TREC 6 9798 0

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $28 million. That figure was $25 million in FBNK’s case. Silicon Graphics International Corp (NASDAQ:SGI) is the most popular stock in this table. On the other hand Gafisa SA (ADR) (NYSE:GFA) is the least popular one with only 3 bullish hedge fund positions. First Connecticut Bancorp Inc (NASDAQ:FBNK) 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 SGI might be a better candidate to consider taking a long position in.

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Disclosure: None