Citizens Financial Group Inc (CFG): Hedge Funds Are Snapping Up

As industry-wide interest jumped, some big names were breaking ground themselves. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the most valuable position in Citizens Financial Group Inc (NYSE:CFG). Balyasny Asset Management had $67.3 million invested in the company at the end of the quarter. Shane Finemore’s Manikay Partners also initiated a $44.5 million position during the quarter. The other funds with new positions in the stock are Keith Meister’s Corvex Capital, Neil Chriss’s Hutchin Hill Capital, and Louis Bacon’s Moore Global Investments.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Citizens Financial Group Inc (NYSE:CFG) but similarly valued. We will take a look at CenturyLink, Inc. (NYSE:CTL), ServiceNow Inc (NYSE:NOW), Autodesk, Inc. (NASDAQ:ADSK), and NetEase, Inc (ADR) (NASDAQ:NTES). This group of stocks’ market caps resemble CFG’s market cap.

As you can see these stocks had an average of 31 hedge funds with bullish positions and the average amount invested in these stocks was $2.04 billion, which is lower than the $2.17 billion in CFG’s case. ServiceNow Inc (NYSE:NOW) is the most popular stock in this table. On the other hand NetEase, Inc (ADR) (NASDAQ:NTES) is the least popular one with only 25 bullish hedge fund positions. Compared to these stocks Citizens Financial Group Inc (NYSE:CFG) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.