Union Bankshares Corp (UBSH): Are Hedge Funds Right About This Stock?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually cut their positions entirely. Interestingly, Fred Cummings’s Elizabeth Park Capital Management cut the largest investment of all the investors watched by Insider Monkey, totaling close to $5.4 million in stock, and Anton Schutz’s Mendon Capital Advisors was right behind this move, as the fund dropped about $1.9 million worth of Union Bankshares Corp (NASDAQ:UBSH) shares.

Let’s check out hedge fund activity in other stocks similar to Union Bankshares Corp (NASDAQ:UBSH). We will take a look at Abaxis Inc (NASDAQ:ABAX), Coherus Biosciences Inc (NASDAQ:CHRS), Brookfield Business Partners L.P. Limited Partnership Units (NYSE:BBU), and Engility Holdings Inc (NYSE:EGL). All of these stocks’ market caps are similar to UBSH’s market cap.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $51 million. That figure was $41 million in UBSH’s case. Coherus Biosciences Inc (NASDAQ:CHRS) is the most popular stock in this table. On the other hand Brookfield Business Partners L.P. Limited Partnership Units (NYSE:BBU) is the least popular one with only 4 bullish hedge fund positions. Union Bankshares Corp (NASDAQ:UBSH) 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 CHRS might be a better candidate to consider taking a long position in.

Disclosure: none.