TCF Financial Corporation (TCB): Hedge Funds Are Snapping Up

Now, some big names were leading the bulls’ herd. Jabre Capital Partners, managed by Philippe Jabre, established the largest call position in TCF Financial Corporation (NYSE:TCB). According to its latest 13F filing, the fund had $3.5 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also initiated a $2.3 million position during the quarter. The following funds were also among the new TCB investors: Matthew Tewksbury’s Stevens Capital Management, Mike Vranos’s Ellington, and Cliff Asness’s AQR Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as TCF Financial Corporation (NYSE:TCB) but similarly valued. These stocks are New Jersey Resources Corp (NYSE:NJR), TAL Education Group (ADR) (NYSE:XRS), Mindray Medical International Ltd (ADR) (NYSE:MR), and Blackstone Mortgage Trust Inc (NYSE:BXMT). This group of stocks’ market caps resemble TCB’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $178 million. That figure was $213 million in TCB’s case. Blackstone Mortgage Trust Inc (NYSE:BXMT) is leading the pack, while Mindray Medical International Ltd (ADR) (NYSE:MR) is the least popular one with only 10 bullish hedge fund positions. TCF Financial Corporation (NYSE:TCB) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BXMT might be a better candidate to consider a long position.