Billionaire hedge fund managers such as Steve Cohen and Stan Druckenmiller can generate millions or even billions of dollars every year by pinning down high-potential small-cap stocks and pouring cash into these candidates. Small-cap stocks are overlooked by most investors, brokerage houses, and financial services hubs, while the unlimited research abilities of the big players within the hedge fund industry can easily identify the undervalued and high-potential stocks that reside the ignored corners of equity markets. There are numerous small-cap stocks that have turned out to be great winners, which is one of the main reasons the Insider Monkey team pays close attention to the hedge fund activity in relation to these stocks.
Synovus Financial Corp. (NYSE:SNV) shareholders have witnessed a decrease in hedge fund interest lately. SNV was in 21 hedge funds’ portfolios at the end of September. There were 22 hedge funds in our database with SNV holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as The Hanover Insurance Group, Inc. (NYSE:THG), SINA Corp (NASDAQ:SINA), and Medical Properties Trust, Inc. (NYSE:MPW) to gather more data points.
Follow Synovus Financial Corp (NYSE:SNV)
Follow Synovus Financial Corp (NYSE:SNV)
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How have hedgies been trading Synovus Financial Corp. (NYSE:SNV)?
At the end of the third quarter, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a 5% dip from the previous quarter. Hedge fund ownership has remained in a fairly narrow range over the past year. With hedgies’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Israel Englander’s Millennium Management has the largest position in Synovus Financial Corp. (NYSE:SNV), worth close to $106 million. The second largest stake is held by Citadel Investment Group, led by Ken Griffin, holding a $73.6 million position. Some other hedge funds and institutional investors that hold long positions encompass Steven Richman’s East Side Capital (RR Partners), Richard S. Pzena’s Pzena Investment Management and Cliff Asness’ AQR Capital Management.
