Form 4: ConnectOne Bancorp Executive Elizabeth Magennis Reports Stock Transactions
SEC Form 4
Elizabeth Magennis, Bank President at ConnectOne Bancorp, reports acquisition and disposal of common stock due to performance unit vesting and tax withholding.
Summary
- Elizabeth Magennis, a Bank President at ConnectOne Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- On March 19, 2025, she acquired 6,329 shares of common stock related to earned performance units granted on March 25, 2022, and disposed of 3,164 shares for tax withholding at a price of $24.01.
- On March 20, 2025, she disposed of 2,379 shares for tax withholding at $23.59 related to deferred stock units vesting from a March 20, 2023 grant.
- Also on March 20, 2025, she was granted 9,621 deferred stock units that vest over three years.
- Following these transactions, Magennis beneficially owns 136,763 shares of ConnectOne Bancorp common stock.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transactions are part of a standard compensation plan, with acquisitions reflecting performance and disposals covering tax obligations. There's no indication of unusual activity or concern.
Positives
- The acquisition of shares through performance units indicates that performance goals were met, which is a positive signal.
Future Outlook
The reporting person will continue to vest in deferred stock units over the next three years, potentially leading to further Form 4 filings.
Industry Context
Executive stock transactions are common in the banking industry as part of compensation packages and are closely watched by investors for insights into management's confidence in the company's future.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
Key Dates
| Date | Description |
|---|---|
| 03/25/2022 | Date of original grant of performance units. |
| 03/20/2023 | Date of original grant of deferred stock units. |
| 03/19/2025 | Date of common stock acquisition and disposal for tax withholding. |
| 03/20/2025 | Date of common stock disposal for tax withholding and grant of deferred stock units. |
| 03/20/2026 | First vesting date (1/3) for deferred stock units granted on 03/20/2025. |
| 03/20/2027 | Second vesting date (1/3) for deferred stock units granted on 03/20/2025. |
| 03/20/2028 | Final vesting date (1/3) for deferred stock units granted on 03/20/2025. |
| 03/21/2025 | Date of Form 4 filing. |
Keywords
Form 4, Beneficial Ownership, Stock Transactions, ConnectOne Bancorp, CNOB, Elizabeth Magennis, Performance Units, Deferred Stock Units, Tax Withholding
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