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Hedge Funds Aren’t Crazy About United Community Banks Inc (UCBI) Anymore

Judging by the fact that United Community Banks Inc (NASDAQ:UCBI) has witnessed a declination in interest from the aggregate hedge fund industry, we can see that there exists a select few money managers who sold off their entire stakes last quarter. Intriguingly, Porter Collins, Daniel Moses, and Vincent Daniel’s Seawolf Capital sold off the largest stake of the “upper crust” of funds followed by Insider Monkey, comprising an estimated $4.2 million in stock, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund dropped about $3.3 million worth. These transactions are intriguing to say the least, as total hedge fund interest fell by 4 funds last quarter.

Let’s also examine hedge fund activity in other stocks similar to United Community Banks Inc (NASDAQ:UCBI). We will take a look at Global Blood Therapeutics Inc (NASDAQ:GBT), Multi-Color Corporation (NASDAQ:LABL), M.D.C. Holdings, Inc. (NYSE:MDC), and Provident Financial Services, Inc. (NYSE:PFS). This group of stocks’ market values are closest to UCBI’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GBT 14 182306 14
LABL 12 45385 2
MDC 11 66659 -4
PFS 10 22776 4

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $79 million. That figure was $293 million in UCBI’s case. Global Blood Therapeutics Inc (NASDAQ:GBT) is the most popular stock in this table with a total of 14 funds reporting long positions, while Provident Financial Services, Inc. (NYSE:PFS) is the least popular one. Compared to these stocks United Community Banks Inc (NASDAQ:UCBI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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