Northeast Bancorp (NASDAQ:NBN) Now Covered by Analysts at Piper Sandler

Investment analysts at Piper Sandler began coverage on shares of Northeast Bancorp (NASDAQ:NBN) in a research note issued to investors on Monday. The firm set an “overweight” rating and a $133.00 price target on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 20.22% from the company’s current price.

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of Northeast Bancorp in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Northeast Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $117.50.

Northeast Bancorp Price Performance

Shares of NBN traded up $1.47 during trading hours on Monday, hitting $110.64. 43,613 shares of the stock were exchanged, compared to its average volume of 111,214. The stock’s 50-day moving average price is $114.41 and its two-hundred day moving average price is $103.52. Northeast Bancorp has a 12-month low of $78.17 and a 12-month high of $126.25. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market cap of $908.31 million, a price-to-earnings ratio of 10.67 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.09. Northeast Bancorp had a return on equity of 17.73% and a net margin of 24.16%.The company had revenue of $51.77 million for the quarter, compared to analyst estimates of $54.83 million.

Hedge Funds Weigh In On Northeast Bancorp

A number of institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in Northeast Bancorp in the 3rd quarter valued at about $31,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Northeast Bancorp by 36,700.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock valued at $38,000 after buying an additional 367 shares during the period. Clearstead Advisors LLC increased its holdings in shares of Northeast Bancorp by 194.0% during the 4th quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after buying an additional 489 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Northeast Bancorp by 1,071.4% during the 4th quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock worth $85,000 after buying an additional 750 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new stake in shares of Northeast Bancorp during the 3rd quarter valued at approximately $89,000.

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.