Is Huntington Bancshares Incorporated (HBAN) Worthy of Your Portfolio?

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Consequently, key hedge funds have been driving this bullishness. Levin Capital Strategies initiated the biggest position in Huntington Bancshares Incorporated (NASDAQ:HBAN). Phill Gross and Robert Atchinson’s Adage Capital Management also acquired a $22.3 million position during the quarter. The other funds with brand new HBAN positions are Steve Cohen’s Point72 Asset Management, Gregg Moskowitz’s Interval Partners, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Huntington Bancshares Incorporated (NASDAQ:HBAN). We will take a look at CoStar Group Inc (NASDAQ:CSGP), Yandex NV (NASDAQ:YNDX), Spectrum Brands Holdings, Inc. (NYSE:SPB), and Crown Holdings, Inc. (NYSE:CCK). This group of stocks’ market caps resemble HBAN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CSGP 20 304486 3
YNDX 31 389013 6
SPB 30 615857 7
CCK 35 705808 5

As you can see these stocks had an average of 29 hedge funds with bullish positions and the average amount invested in these stocks was $504 million. That figure was $463 million in HBAN’s case. Crown Holdings, Inc. (NYSE:CCK) is the most popular stock in this table with 35 funds holding shares. On the other hand CoStar Group Inc (NASDAQ:CSGP) is the least popular one with only 20 bullish hedge fund positions. Huntington Bancshares Incorporated (NASDAQ:HBAN) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Crown Holdings, Inc. (NYSE:CCK) might be a better candidate to consider a long position.

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