Based on 64 hedge funds · latest filing: 2022 Q4 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PCSB positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 89% of 3.0Y peak
89% of all-time peak
64 funds currently hold this stock — 89% of the 3.0-year high of 72 funds (reached 2020 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 4% fewer funds vs a year ago
fund count last 6Q
3 fewer hedge funds hold PCSB compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More sellers than buyers — 49% buying
32 buying33 selling
Last quarter: 33 funds reduced or exited vs 32 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 16 → 11 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Price up while funds trimmed (+5145% value, -15% shares)
Last quarter: total value of institutional PCSB holdings rose +5145% even though funds reduced share count by 15%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
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Peak discovery — momentum slowing
9 → 6 → 16 → 11 → 7 new funds/Q
New funds entering each quarter: 6 → 16 → 11 → 7. PCSB is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
Exit risk score 2.5/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.