How ConnectOne Bancorp Inc (CNOB) Stacks Up Against Its Peers

Due to the fact that ConnectOne Bancorp Inc (NASDAQ:CNOB) has experienced a decline in interest from the entirety of the hedge funds we track, logic holds that there were a few fund managers that decided to sell off their entire stakes by the end of the third quarter. Interestingly, Anton Schutz’s Mendon Capital Advisors dropped the biggest stake of the 700 funds watched by Insider Monkey, comprising about $6 million in stock. Paul Magidson, Jonathan Cohen. And Ostrom Enders’s fund, Castine Capital Management, also said goodbye to its stock, about $3.5 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to ConnectOne Bancorp Inc (NASDAQ:CNOB). We will take a look at Ellington Financial LLC (NYSE:EFC), Par Pacific Holdings, Inc. (NYSEMKT:PARR), MarineMax, Inc. (NYSE:HZO), and ShoreTel, Inc. (NASDAQ:SHOR). This group of stocks’ market values are closest to CNOB’s market value.

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 $99 million. That figure was $20 million in CNOB’s case. ShoreTel, Inc. (NASDAQ:SHOR) is the most popular stock in this table. On the other hand Ellington Financial LLC (NYSE:EFC) is the least popular one with only 3 bullish hedge fund positions. ConnectOne Bancorp Inc (NASDAQ:CNOB) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SHOR might be a better candidate to consider taking a long position in.

Disclosure: None