Dallas-based Clover Partners LP bought a large stake in merger target United Financial Bancorp Inc. during the second quarter, the firm's latest Form 13F shows.
The investment firm bought 160,000 shares of the bank for about $2.3 million during the three months ending June 30, implying an average per-share price of about $14.18. In July, People's United Financial Inc. announced that it would acquire United Financial for roughly $758.1 million, or about $14.74 per share.
Clover Partners' stake in United Financial represents its 9th-largest position overall as of second-quarter end.
During the quarter, the firm also purchased a new, $1.3 million stake in Short Hills, N.J.-based Investors Bancorp Inc.
Fort Lee, N.J.-based Bancorp of New Jersey Inc. remained Clover's top holding as of June 30 at $6.3 million.
Clover Partners focuses on investments in the U.S. financial sector and has taken activist positions in the past.
Clover completely sold out of three investments during the second quarter, including a $2.9 million stake in Bronx, N.Y.-based PDL Community Bancorp (MHC), a $1.5 million position in Olney, Md.-based Sandy Spring Bancorp Inc. and a $1.3 million stake in Santa Rosa, Calif.-based Luther Burbank Corp.
Click here for a template containing Clover Partners' common stock holdings as of June 30, 2019.