Hedge Funds Are Betting On OceanFirst Financial Corp. (OCFC)

Consequently, some big names were leading the bulls’ herd. Millennium Management initiated the most outsized position in OceanFirst Financial Corp. (NASDAQ:OCFC). Millennium Management had $0.4 million invested in the company at the end of the quarter. D E Shaw also made a $0.2 million investment in the stock during the quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as OceanFirst Financial Corp. (NASDAQ:OCFC) but similarly valued. These stocks are Consolidated-Tomoka Land Co. (NYSEMKT:CTO), BioSpecifics Technologies Corp. (NASDAQ:BSTC), Vocera Communications Inc (NYSE:VCRA), and Brookfield Total Return Fund Inc (NYSE:HTR). All of these stocks’ market caps are closest to OceanFirst Financial Corp. (NASDAQ:OCFC)’s market cap.

As you can see, these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $36 million. That figure was $27 million in OceanFirst Financial Corp. (NASDAQ:OCFC)’s case. Vocera Communications Inc (NYSE:VCRA) is the most popular stock in this table. On the other hand, Brookfield Total Return Fund Inc (NYSE:HTR) is the least popular one with only 4 bullish hedge fund positions. OceanFirst Financial Corp. (NASDAQ:OCFC) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Vocera Communications Inc (NYSE:VCRA) might be a better candidate to consider a long position.