Revisiting Stock Popularity Across States

What is the most widely owned stock across states? If you guessed Apple, you would be right. In that last survey, we simply ranked each stock by the number of owners in each state.

This time, we wished to understand the relative likelihood of ownership. Compared to the a stock’s ownership nationwide, do investors in a specific state own a particular stock at a higher or lower rate?

Doing so can reveal interesting patterns, e.g.:

  • Massachusetts stockholders are 4X more likely to own Dunkin Donuts than those across the country. Nationwide, 0.5% of investors own DNKN. In Massachusetts, 2% own Dunkin stock.
  • Yelp bubbles up as the most popular stock in California. Although many popular stocks such as TSLA, GOOGL, FB, AAPL, and LNKD are headquartered in the Golden state, they’re also widely owned by investors across the country. Hence, they don’t come up to the top in CA.

Using this metric, we map the top stock in each state.

PopularStocksMap

Indexing ownership to the national average can tell us about home bias. Many of the favorite stocks are headquartered in the respective state: ShakeShack in NY, Under Armour in MD, Las Vegas Sands in NV, Dunkin Donuts in MA, Baker Hughes in TX, Yelp in CA, Tableau in WA, etc. Here is the same map, filtered only to headquarter states.

HeadquarteredStocksMap

Below is an interactive map. Hover over the states to see their most popular stocks and their relative popularity. You can download the underlying data as well here.


Note: in our analysis, each stock is owned by at least 100 investors in our data.
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