In a recent filing with the U.S. Securities and Exchange Commission, EJF Capital, managed by Emanuel J. Friedman, disclosed its equity positions it held as of the end of the end of second quarter of 2014. The market value of the fund’s equity portfolio amounted to $2.09 billion, up from $1.67 billion reported at the end of the previous quarter. In the filing, the fund revealed a total of 132 positions, with a strong focus on Financial stocks.
We are going to talk about top three long equity positions from the EJF Capital’s portfolio. The top position is held by Ally Financial Inc. (NYSE:ALLY), a new position in which the fund holds 11.73 million shares, with a market value of $280.5 million.
Ally Financial Inc. (NYSE:ALLY) is a financial services company engaged in providing financial products and services to automotive dealers and customers. The market cap of the company is $11.03 billion. Shares of the company rose by 0.09% to $22.99 on Tuesday. The consensus average target price for the stock is $28.00, while the consensus average recommendation is ‘Overweight’.
On the second position is American Homes 4 Rent (NYSE:AMH), in which EJF Capital disclosed owning 11.50 million shares, with a reported value of $204.17 million. The stake represents a decrease from 12.31 million shares the fund held previously.
American Homes 4 Rent (NYSE: AMH) is engaged in providing high quality single-family rental homes. The company reported a net loss of $3.4 million for the second quarter of 2014, compared to net income of $1.12 million in the same quarter of last year. Last month, the company completed a merger with Beazer Pre-Owned Rental Homes Inc., according to press release.
Other significant shareholders of American Homes 4 Rent (NYSE: AMH) include John Griffin’s Blue Ridge Capital, which holds, 8.70 million shares, and Long Pond Capital, managed by John Khoury, which owns 7.94 million shares, according to our record.
In Colony Financial Inc. (NYSE:CLNY), EJF Capital revealed holding 8.65 million, worth about $201 million. Previously, the fund held 8.71 million shares of the real estate investment and finance company that is focused on acquiring, originating and managing a diversified portfolio of real estate-related debt and equity investments at attractive risk-adjusted returns.
Recently, Colony Financial Inc. (NYSE: CLNY) conducted a public offering in which offered and priced 15 million shares of common stock. The underwriters were granted an option to purchase up to an additional 2.25 million shares. The company states that it intends to use a portion of the net proceeds to repay amounts outstanding under its revolving credit facility, and to use the remainder to acquire its target assets in a manner consistent with its investment strategies and investment guidelines, and for working capital and general corporate purposes.
Aside from EJF Capital, Sirios Capital Management, led by John Brennan, which disclosed owning 3.42 million shares, and Israel Englander’s Millennium Management, which owns 2.20 million shares.
Disclosure: none
