Earnest Partners LLC Acquires New Holdings in Northeast Bancorp $NBN

Earnest Partners LLC bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the third quarter, HoldingsChannel.com reports. The firm bought 671,176 shares of the financial services provider’s stock, valued at approximately $67,225,000. Earnest Partners LLC owned approximately 0.08% of Northeast Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of NBN. State of Alaska Department of Revenue purchased a new position in shares of Northeast Bancorp in the 3rd quarter valued at $31,000. PNC Financial Services Group Inc. bought a new position in shares of Northeast Bancorp in the 3rd quarter worth $89,000. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Northeast Bancorp by 19.4% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 1,717 shares of the financial services provider’s stock worth $153,000 after purchasing an additional 279 shares during the last quarter. Quantbot Technologies LP boosted its position in Northeast Bancorp by 110.9% during the second quarter. Quantbot Technologies LP now owns 2,255 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 1,186 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in Northeast Bancorp during the second quarter valued at about $202,000.

Northeast Bancorp Price Performance

NASDAQ NBN opened at $109.17 on Monday. The firm’s fifty day simple moving average is $114.41 and its two-hundred day simple moving average is $103.52. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.65. Northeast Bancorp has a 12-month low of $78.17 and a 12-month high of $126.25. The firm has a market capitalization of $896.29 million, a P/E ratio of 10.53 and a beta of 0.58.

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

Northeast Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 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 Wednesday, February 11th. Northeast Bancorp’s dividend payout ratio is currently 0.39%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Northeast Bancorp in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.00.

Northeast Bancorp 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.