Do Hedge Funds Love E*TRADE Financial Corporation (ETFC)?

Consequently, some big names were breaking ground themselves. Pennant Capital Management, managed by Alan Fournier, created the largest position in E*TRADE Financial Corporation (NASDAQ:ETFC). Pennant Capital Management had $87.2 million invested in the company at the end of the quarter. David Rodriguez-Fraile’s BlueMar Capital Management also initiated an $7.2 million position during the quarter. The following funds were also among the new ETFC investors: Anton Schutz’s Mendon Capital Advisors, Lawrence Sapanski’s Scoria Capital, and Mike Vranos’s Ellington.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as E*TRADE Financial Corporation (NASDAQ:ETFC) but similarly valued. We will take a look at Oneok Partners LP (NYSE:OKS), Turkcell Iletisim Hizmetleri A.S. (ADR) (NYSE:TKC), Oaktree Capital Group LLC (NYSE:OAK), and Fortune Brands Home & Security Inc (NYSE:FBHS). This group of stocks’ market values are similar to ETFC’s market value.

As you can see these stocks had an average of 11.5 hedge funds with bullish positions and the average amount invested in these stocks was $99 million. That figure was $1,048 million in ETFC’s case. Fortune Brands Home & Security Inc (NYSE:FBHS) is the most popular stock in this table. On the other hand Turkcell Iletisim Hizmetleri A.S. (ADR) (NYSE:TKC) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks E*TRADE Financial Corporation (NASDAQ:ETFC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.