Basswood Capital Management L.L.C. purchased a new position in Northeast Bancorp (NASDAQ:NBN – Free Report) during the second quarter, Holdings Channel reports. The firm purchased 31,107 shares of the financial services provider’s stock, valued at approximately $4,123,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of NBN. Quantinno Capital Management LP increased its holdings in Northeast Bancorp by 116.3% in the 1st quarter. Quantinno Capital Management LP now owns 28,071 shares of the financial services provider’s stock valued at $3,154,000 after buying an additional 15,096 shares during the period. Pacific Ridge Capital Partners LLC lifted its holdings in shares of Northeast Bancorp by 5.2% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 127,330 shares of the financial services provider’s stock worth $13,233,000 after acquiring an additional 6,339 shares during the period. Globeflex Capital L P bought a new stake in shares of Northeast Bancorp during the 2nd quarter worth approximately $4,683,000. Vanguard Group Inc. boosted its position in shares of Northeast Bancorp by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider’s stock worth $45,157,000 after acquiring an additional 9,926 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Northeast Bancorp by 82.5% during the 1st quarter. Sei Investments Co. now owns 35,272 shares of the financial services provider’s stock worth $3,964,000 after acquiring an additional 15,944 shares in the last quarter.
Wall Street Analysts Forecast Growth
NBN has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler upped their target price on Northeast Bancorp from $145.00 to $151.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a report on Friday, July 31st. Finally, Keefe, Bruyette & Woods lifted their price target on Northeast Bancorp from $128.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Northeast Bancorp presently has an average rating of “Moderate Buy” and an average price target of $143.50.
Northeast Bancorp Stock Up 1.8%
Shares of NASDAQ NBN opened at $129.86 on Thursday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 10.21 and a beta of 0.58. The company has a current ratio of 1.13, a quick ratio of 1.10 and a debt-to-equity ratio of 0.03. Northeast Bancorp has a 12 month low of $80.75 and a 12 month high of $142.31. The stock has a 50-day moving average price of $131.11 and a two-hundred day moving average price of $123.01.
Northeast Bancorp (NASDAQ:NBN – Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.65. The company had revenue of $65.24 million for the quarter, compared to the consensus estimate of $67.21 million. Northeast Bancorp had a net margin of 27.91% and a return on equity of 19.94%.
Northeast Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.04 annualized dividend and a yield of 0.0%. Northeast Bancorp’s dividend payout ratio is presently 0.31%.
Northeast Bancorp Company Profile
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.
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