Is Clifton Savings Bancorp, Inc. (CSBK) a Good Stock to Buy?

Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s now review hedge fund activity in other stocks similar to Clifton Savings Bancorp, Inc. (NASDAQ:CSBK). We will take a look at Independent Bank Corporation(MI) (NASDAQ:IBCP), Clearside Biomedical Inc (NASDAQ:CLSD), Southwest Bancorp, Inc. (NASDAQ:OKSB), and Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). All of these stocks’ market caps are closest to CSBK’s market cap.

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $43 million. That figure was $45 million in CSBK’s case. Independent Bank Corporation(MI) (NASDAQ:IBCP) is the most popular stock in this table. On the other hand Clearside Biomedical Inc (NASDAQ:CLSD) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Clifton Savings Bancorp, Inc. (NASDAQ:CSBK) 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