Northeast Bancorp (NASDAQ:NBN) Hits New 12-Month High – Here’s Why

Northeast Bancorp (NASDAQ:NBN) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $119.95 and last traded at $118.1450, with a volume of 23081 shares traded. The stock had previously closed at $113.44.

Analyst Ratings Changes

Several brokerages have recently weighed in on NBN. Weiss Ratings reiterated a “buy (b-)” rating on shares of Northeast Bancorp in a research report on Monday, December 29th. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Keefe, Bruyette & Woods lowered their price target on Northeast Bancorp from $107.00 to $102.00 and set a “market perform” rating for the company in a report on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.00.

Northeast Bancorp Stock Performance

The company has a market capitalization of $955.85 million, a P/E ratio of 10.94 and a beta of 0.54. The stock’s fifty day moving average price is $98.96 and its 200-day moving average price is $99.06. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.25 and a current ratio of 1.25.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.01). The company had revenue of $52.88 million for the quarter, compared to analyst estimates of $57.43 million. Northeast Bancorp had a return on equity of 18.52% and a net margin of 24.36%.

Northeast Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend was Monday, November 10th. Northeast Bancorp’s dividend payout ratio (DPR) is currently 0.38%.

Hedge Funds Weigh In On Northeast Bancorp

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its holdings in Northeast Bancorp by 61.3% in the first quarter. AQR Capital Management LLC now owns 9,324 shares of the financial services provider’s stock valued at $854,000 after acquiring an additional 3,542 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Northeast Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 175 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its position in shares of Northeast Bancorp by 15.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 2,765 shares of the financial services provider’s stock worth $253,000 after buying an additional 375 shares during the period. Goldman Sachs Group Inc. raised its stake in Northeast Bancorp by 12.5% during the first quarter. Goldman Sachs Group Inc. now owns 68,362 shares of the financial services provider’s stock worth $6,258,000 after buying an additional 7,579 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Northeast Bancorp in the first quarter valued at $411,000.

About Northeast Bancorp

Northeast Bancorp is a Maine-based bank holding company and the parent of Northeast Bank, a state‐chartered commercial bank headquartered in Lewiston, Maine. Through its subsidiary, the company provides a variety of financial services, including personal checking and savings accounts, residential mortgage lending, small business and commercial loans, treasury management and private banking services. The bank operates a branch network spanning central and southern Maine, serving individuals, families and local businesses across the region.

Founded in 1872 as Androscoggin County Savings Bank, the institution has evolved through mutual and stock conversions, adopting the Northeast Bank name in 2001 and forming Northeast Bancorp as its mutual holding company in 2013.