With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Balyasny Asset Management, managed by Dmitry Balyasny, created the biggest position in TriCo Bancshares (NASDAQ:TCBK). Balyasny Asset Management had $0.3 million invested in the company at the end of the quarter. Chao Ku’s Nine Chapters Capital Management also made a $0.3 million investment in the stock during the quarter.
Let’s now take a look at hedge fund activity in other stocks similar to TriCo Bancshares (NASDAQ:TCBK). We will take a look at Regenxbio Inc (NASDAQ:RGNX), U.S. Physical Therapy, Inc. (NYSE:USPH), Habit Restaurants Inc (NASDAQ:HABT), and American Residential Properties Inc (NYSE:ARPI). This group of stocks’ market caps are closest to TCBK’s market cap.
|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 12 hedge funds with bullish positions and the average amount invested in these stocks was $104 million. That figure was just $48 million in TCBK’s case. Regenxbio Inc (NASDAQ:RGNX) is the most popular stock in this table. On the other hand Habit Restaurants Inc (NASDAQ:HABT) is the least popular one with only 9 bullish hedge fund positions. TriCo Bancshares (NASDAQ:TCBK) 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 RGNX might be a better candidate to consider a long position.