Fulton Financial Corp (NASDAQ:FULT) was in 8 hedge funds’ portfolio at the end of the first quarter of 2013. FULT has seen a decrease in activity from the world’s largest hedge funds in recent months. There were 10 hedge funds in our database with FULT holdings at the end of the previous quarter.
To most stock holders, hedge funds are perceived as unimportant, outdated financial vehicles of years past. While there are over 8000 funds in operation at the moment, we at Insider Monkey look at the top tier of this club, close to 450 funds. Most estimates calculate that this group has its hands on the lion’s share of the hedge fund industry’s total capital, and by tracking their highest performing picks, we have unsheathed a few investment strategies that have historically outstripped Mr. Market. Our small-cap hedge fund strategy outperformed the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outperformed the S&P 500 index by 23.3 percentage points in 8 months (check out a sample of our picks).
Equally as key, bullish insider trading sentiment is another way to parse down the investments you’re interested in. As the old adage goes: there are lots of stimuli for an executive to get rid of shares of his or her company, but just one, very clear reason why they would behave bullishly. Plenty of empirical studies have demonstrated the useful potential of this strategy if investors understand where to look (learn more here).
Now, let’s take a glance at the key action encompassing Fulton Financial Corp (NASDAQ:FULT).
Hedge fund activity in Fulton Financial Corp (NASDAQ:FULT)
At the end of the first quarter, a total of 8 of the hedge funds we track held long positions in this stock, a change of -20% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their holdings substantially.
According to our comprehensive database, Dreman Value Management, managed by David Dreman, holds the largest position in Fulton Financial Corp (NASDAQ:FULT). Dreman Value Management has a $43.3 million position in the stock, comprising 1.1% of its 13F portfolio. On Dreman Value Management’s heels is AQR Capital Management, managed by Cliff Asness, which held a $8.1 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedgies with similar optimism include Ken Griffin’s Citadel Investment Group, Tom Russo’s Gardner Russo & Gardner and Douglas W. Case’s Advanced Investment Partners.
Since Fulton Financial Corp (NASDAQ:FULT) has experienced declining sentiment from the aggregate hedge fund industry, we can see that there is a sect of fund managers that slashed their full holdings last quarter. At the top of the heap, Matthew Lindenbaum’s Basswood Capital dumped the largest stake of all the hedgies we monitor, valued at close to $3.7 million in stock., and Matthew Tewksbury of Stevens Capital Management was right behind this move, as the fund dumped about $1.9 million worth. These bearish behaviors are interesting, as total hedge fund interest dropped by 2 funds last quarter.
What do corporate executives and insiders think about Fulton Financial Corp (NASDAQ:FULT)?
Bullish insider trading is particularly usable when the company in focus has seen transactions within the past six months. Over the latest six-month time frame, Fulton Financial Corp (NASDAQ:FULT) has experienced 2 unique insiders purchasing, and 4 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Fulton Financial Corp (NASDAQ:FULT). These stocks are Signature Bank (NASDAQ:SBNY), National Penn Bancshares (NASDAQ:NPBC), Valley National Bancorp (NYSE:VLY), Webster Financial Corporation (NYSE:WBS), and Susquehanna Bancshares Inc (NASDAQ:SUSQ). This group of stocks belong to the regional – northeast banks industry and their market caps are similar to FULT’s market cap.