Biz Journals – Hedge funds might be falling out of love with Fifth Third Bancorp’s stock just as it’s hitting a peak.
A report from Insider Monkey, an oddly named website that tracks trading by insiders and hedge funds in an effort to mimic top investors’ moves, shows that hedge funds are less excited about Fifth Third’s prospects than they were last year.
Of the 450 top-notch hedge funds that Insider Monkey watches, 26 owned Fifth Third stock as of the end of the first quarter, according to those funds’ regulatory filings. That’s down 13 percent from the end of the fourth quarter, Insider Monkey says.
Sirios Asset Management, run by John Brennan, sold its entire $12.1 million stake in Fifth Third. And Swedish fund Zenit Asset Management closed out its $6.4 million position in Fifth Third during the quarter.