Northeast Bancorp (NASDAQ:NBN) Sees Strong Trading Volume – Time to Buy?

Shares of Northeast Bancorp (NASDAQ:NBN) saw unusually-high trading volume on Wednesday . Approximately 69,957 shares were traded during trading, a decline of 41% from the previous session’s volume of 119,199 shares.The stock last traded at $128.8830 and had previously closed at $124.32.

Analyst Upgrades and Downgrades

NBN has been the topic of several research reports. Wall Street Zen cut Northeast Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday, May 4th. Keefe, Bruyette & Woods lifted their price objective on Northeast Bancorp from $120.00 to $128.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. Finally, Piper Sandler began coverage on Northeast Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $133.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $130.50.

Northeast Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. The business has a 50-day moving average price of $122.23 and a 200 day moving average price of $113.31. The stock has a market capitalization of $1.06 billion, a P/E ratio of 11.03 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $3.53 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.53. Northeast Bancorp had a return on equity of 18.63% and a net margin of 25.96%.The firm had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $61.49 million.

Northeast Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date of this dividend was Tuesday, May 12th. Northeast Bancorp’s payout ratio is currently 0.34%.

Institutional Trading of Northeast Bancorp

A number of hedge funds have recently made changes to their positions in the stock. OP Asset Management Ltd purchased a new position in Northeast Bancorp in the 1st quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 worth $38,000 after acquiring an additional 367 shares during the last quarter. Clearstead Advisors LLC raised its holdings in Northeast Bancorp by 194.0% in the 4th quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 489 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Northeast Bancorp by 1,071.4% in the 4th quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 750 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new position in Northeast Bancorp in the 3rd quarter worth approximately $89,000.

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.