Consequently, one key money manager has jumped into Green Bancorp Inc (NASDAQ:GNBC) headfirst. Israel Englander’s Millennium Management established the the only new position in Green Bancorp Inc (NASDAQ:GNBC) among the funds we follow. According to its latest 13F filing, the fund had $0.1 million invested in the company at the end of the quarter.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Green Bancorp Inc (NASDAQ:GNBC) but similarly valued. These stocks are First Defiance Financial (NASDAQ:FDEF), Blue Nile Inc (NASDAQ:NILE), Franklin Financial Network Inc (NYSE:FSB), and Conyers Park Acquisition Corp. (NASDAQ:CPAA). This group of stocks’ market caps resemble GNBC’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FDEF | 7 | 20588 | 0 |
| NILE | 14 | 69025 | 1 |
| FSB | 8 | 5708 | 4 |
| CPAA | 19 | 241795 | 19 |
As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $84 million. That figure was $4 million in GNBC’s case. Conyers Park Acquisition Corp. (NASDAQ:CPAA) is the most popular stock in this table. On the other hand First Defiance Financial (NASDAQ:FDEF) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Green Bancorp Inc (NASDAQ:GNBC) is even less popular than FDEF. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.
Disclosure: None
