Stonegate Bank (SGBK) Hedge Funds Are Snapping Up

As one would reasonably expect, specific money managers were leading the bulls’ herd. Basswood Capital, led by Matthew Lindenbaum, established the most valuable position in Stonegate Bank (NASDAQ:SGBK). Basswood Capital had $4.3 million invested in the company at the end of the quarter. Mark Lee’s Forest Hill Capital also initiated a $3.5 million position during the quarter. The other funds with new positions in the stock are Fred Cummings’s Elizabeth Park Capital Management, Amy Minella’s Cardinal Capital, and William Black’s Consector Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Stonegate Bank (NASDAQ:SGBK) but similarly valued. We will take a look at The First of Long Island Corporation (NASDAQ:FLIC), EZCORP Inc (NASDAQ:EZPW), Overstock.com, Inc. (NASDAQ:OSTK), and Sangamo Biosciences, Inc. (NASDAQ:SGMO). This group of stocks’ market caps are similar to SGBK’s market cap.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $81 million. That figure was $48 million in SGBK’s case. Sangamo Biosciences, Inc. (NASDAQ:SGMO) is the most popular stock in this table. On the other hand The First of Long Island Corporation (NASDAQ:FLIC) is the least popular one with only 8 bullish hedge fund positions. Stonegate Bank (NASDAQ:SGBK) 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 SGMO might be a better candidate to consider taking a long position in.

Disclosure: None