Hedge Funds Are Crazy About City National Corp (CYN)

City National Corp (NYSE:CYN) was in 18 hedge funds’ portfolio at the end of the first quarter of 2013. CYN has experienced an increase in activity from the world’s largest hedge funds recently. There were 15 hedge funds in our database with CYN positions at the end of the previous quarter.

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Consequently, it’s important to take a glance at the key action regarding City National Corp (NYSE:CYN).

What have hedge funds been doing with City National Corp (NYSE:CYN)?

At the end of the first quarter, a total of 18 of the hedge funds we track held long positions in this stock, a change of 20% from the first quarter. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were upping their stakes considerably.

According to our comprehensive database, John W. Rogers’s Ariel Investments had the most valuable position in City National Corp (NYSE:CYN), worth close to $115 million, comprising 2% of its total 13F portfolio. Sitting at the No. 2 spot is Samlyn Capital, managed by Robert Pohly, which held a $52.9 million position; 1.6% of its 13F portfolio is allocated to the stock. Remaining hedge funds that are bullish include Martin Whitman’s Third Avenue Management, Matthew Lindenbaum’s Basswood Capital and David Dreman’s Dreman Value Management.

Consequently, some big names were breaking ground themselves. Samlyn Capital, managed by Robert Pohly, created the most outsized position in City National Corp (NYSE:CYN). Samlyn Capital had 52.9 million invested in the company at the end of the quarter. Martin Whitman’s Third Avenue Management also made a $17.3 million investment in the stock during the quarter. The other funds with brand new CYN positions are Dmitry Balyasny’s Balyasny Asset Management, Anil Stevens and Glenn Shapiro’s Parameter Capital Management, and Neil Chriss’s Hutchin Hill Capital.

Insider trading activity in City National Corp (NYSE:CYN)

Insider trading activity, especially when it’s bullish, is best served when the company in focus has seen transactions within the past six months. Over the last six-month time period, City National Corp (NYSE:CYN) has experienced zero unique insiders buying, and 3 insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to City National Corp (NYSE:CYN). These stocks are Cathay General Bancorp (NASDAQ:CATY), Zions Bancorporation (NASDAQ:ZION), Bank of Hawaii Corporation (NYSE:BOH), East West Bancorp, Inc. (NASDAQ:EWBC), and SVB Financial Group (NASDAQ:SIVB). This group of stocks belong to the regional – pacific banks industry and their market caps are closest to CYN’s market cap.

With the returns demonstrated by our time-tested strategies, everyday investors must always monitor hedge fund and insider trading sentiment, and City National Corp (NYSE:CYN) is no exception.

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