Is New York Community Bancorp, Inc. (NYCB) A Good Stock To Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. Intriguingly, Anton Schutz’s Mendon Capital Advisors said goodbye to the biggest position of all the hedgies tracked by Insider Monkey, totaling an estimated $12.7 million in stock. Ken Griffin’s fund, Citadel Investment Group, also dropped its call options, about $0.7 million worth.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as New York Community Bancorp, Inc. (NYSE:NYCB) but similarly valued. We will take a look at Icahn Enterprises LP (NASDAQ:IEP), W.P. Carey Inc. REIT (NYSE:WPC), Seagate Technology PLC (NASDAQ:STX), and AngloGold Ashanti Limited (ADR) (NYSE:AU). This group of stocks’ market valuations resemble NYCB’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $2.12 billion, although this value is mainly due to Carl Icahn’s $6.42 billion stake in Icahn Enterprises. By comparison, the 15 funds from our database amassed $201 million worth of NYCB stock at the end of September. Seagate Technology PLC (NASDAQ:STX) is the most popular stock in this table. On the other hand Icahn Enterprises LP (NASDAQ:IEP) is the least popular one with only four bullish hedge fund positions. New York Community Bancorp, Inc. (NYSE:NYCB) 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 Seagate Technology PLC (NASDAQ:STX) might be a better candidate to consider taking a long position in.

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