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Have Hedge Funds Uncovered A Hidden Gem in EverBank Financial Corp (EVER)?

Consequently, some big names have been driving this bullishness. Magnetar Capital established the most valuable position in EverBank Financial Corp (NYSE:EVER). Alpine Associates also initiated a $72.4 million position during the quarter. The other funds with new positions in the stock are Paul Tudor Jones’ Tudor Investment Corp, Matthew Tewksbury’s Stevens Capital Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s go over hedge fund activity in other stocks similar to EverBank Financial Corp (NYSE:EVER). These stocks are BGC Partners, Inc. (NASDAQ:BGCP), Eastgroup Properties Inc (NYSE:EGP), LendingClub Corp (NYSE:LC), and Diamond Offshore Drilling Inc (NYSE:DO). This group of stocks’ market values match EVER’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BGCP 18 97918 -2
EGP 8 12198 2
LC 24 237509 0
DO 24 161250 -1

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $127 million. That figure was $510 million in EVER’s case. LendingClub Corp (NYSE:LC) is the most popular stock in this table. On the other hand Eastgroup Properties Inc (NYSE:EGP) is the least popular one with only 8 bullish hedge fund positions. EverBank Financial Corp (NYSE:EVER) 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 LC might be a better candidate to consider taking a long position in.

Disclosure: None

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