Is Fulton Financial Corp (FULT) A Good Stock To Buy?

As one would reasonably expect, specific money managers have been driving this bullishness. Alpenglow Capital, led by Sharif Siddiqui, established the most outsized position in Fulton Financial Corp (NASDAQ:FULT). Alpenglow Capital had $5 million invested in the company at the end of the quarter. Solomon Kumin’s Folger Hill Asset Management also initiated a $1.6 million position during the quarter. The other funds with brand new FULT positions are Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Mike Vranos’s Ellington, and Millennium Management, one of the 10 largest hedge funds in the world.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Fulton Financial Corp (NASDAQ:FULT) but similarly valued. These stocks are Versum Materials Inc (NYSE:VSM), FireEye Inc (NASDAQ:FEYE), Pinnacle Financial Partners (NASDAQ:PNFP), and Compass Minerals International, Inc. (NYSE:CMP). This group of stocks’ market values are closest to FULT’s market value.

As you can see these stocks had an average of 15.25 hedge funds with bullish positions and the average amount invested in these stocks was $113 million. That figure was $37 million in FULT’s case. FireEye Inc (NASDAQ:FEYE) is the most popular stock in this table. On the other hand Compass Minerals International, Inc. (NYSE:CMP) is the least popular one with only 6 bullish hedge fund positions. Fulton Financial Corp (NASDAQ:FULT) 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 FEYE might be a better candidate to consider taking a long position in.

Disclosure: None