Hedge Funds Remain Committed to The Allstate Corporation (ALL)

Due to the fact that The Allstate Corporation (NYSE:ALL) has witnessed a declination in interest from the smart money, logic holds that there were a few hedgies that elected to cut their full holdings by the end of the third quarter. It’s worth mentioning that Renaissance Technologies said goodbye to the biggest investment of the 700 funds watched by Insider Monkey, totaling about $46.6 million in stock, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt. was right behind this move, as the fund sold off about $6.8 million worth of shares. These transactions are interesting, as aggregate hedge fund interest fell by 1 fund by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to The Allstate Corporation (NYSE:ALL). We will take a look at AvalonBay Communities Inc (NYSE:AVB), SYSCO Corporation (NYSE:SYY), Health Care REIT, Inc. (NYSE:HCN), and Norfolk Southern Corp. (NYSE:NSC). This group of stocks’ market caps resemble ALL’s market cap.

As you can see these stocks had an average of 27.75 hedge funds with bullish positions and the average amount invested in these stocks was $1.29 billion. That figure was $1.53 billion in ALL’s case. Norfolk Southern Corp. (NYSE:NSC) is the most popular stock in this table. On the other hand AvalonBay Communities Inc (NYSE:AVB) is the least popular one with only 24 bullish hedge fund positions. Compared to these stocks The Allstate Corporation (NYSE:ALL) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and have more money invested in it than all but one of the other stocks, it may be a good idea to analyze it in detail and potentially include it in your portfolio.