Seeing as Independent Bank Group Inc (NASDAQ:IBTX) has faced declining sentiment from hedge fund managers, it’s easy to see that there exists a select few money managers that elected to cut their positions entirely between July and September. It’s worth mentioning that Douglas Dunn and Vincent Soler’s Limestone Value Partners got rid of the largest stake of the “upper crust” of funds studied by Insider Monkey, totaling about $0.4 million in stock, and Cliff Asness’ AQR Capital Management was right behind this move, as the fund dumped about $0.3 million worth of shares.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Independent Bank Group Inc (NASDAQ:IBTX) but similarly valued. We will take a look at Apptio Inc (NASDAQ:APTI), Meridian Bioscience, Inc. (NASDAQ:VIVO), Blueprint Medicines Corp (NASDAQ:BPMC), and Getty Realty Corp. (NYSE:GTY). This group of stocks’ market valuations are closest to IBTX’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $76 million. That figure was $28 million in IBTX’s case. Meridian Bioscience, Inc. (NASDAQ:VIVO) is the most popular stock in this table. On the other hand Getty Realty Corp. (NYSE:GTY) is the least popular one with only nine bullish hedge fund positions. Compared to these stocks Independent Bank Group Inc (NASDAQ:IBTX) registered the same number of investors holding shares as Getty Realty Corp. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.