Hedge Funds Are Crazy About OceanFirst Financial Corp. (OCFC)

Now, key money managers were leading the bulls’ herd. Driehaus Capital, led by Richard Driehaus, established the largest position in OceanFirst Financial Corp. (NASDAQ:OCFC). Driehaus Capital had $0.7 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.4 million position during the quarter. The only other fund with a brand new OCFC position is Tom Brown’s Second Curve Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as OceanFirst Financial Corp. (NASDAQ:OCFC) but similarly valued. We will take a look at Universal American Corporation (NYSE:UAM), Sequential Brands Group Inc (NASDAQ:SQBG), Entercom Communications Corp. (NYSE:ETM), and JinkoSolar Holding Co., Ltd. (NYSE:JKS). This group of stocks’ market caps are closest to OCFC’s market cap.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $55 million. That figure was $79 million in OCFC’s case. Universal American Corporation (NYSE:UAM) is the most popular stock in this table. On the other hand, JinkoSolar Holding Co., Ltd. (NYSE:JKS) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks OceanFirst Financial Corp. (NASDAQ:OCFC) 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.

Disclosure: none