Northeast Bancorp (NASDAQ:NBN) Sets New 1-Year High – Here’s Why

Shares of Northeast Bancorp (NASDAQ:NBN) hit a new 52-week high on Monday . The company traded as high as $142.31 and last traded at $132.2450, with a volume of 40326 shares. The stock had previously closed at $129.92.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wall Street Zen lowered Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Keefe, Bruyette & Woods upped their target price on Northeast Bancorp from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a report on Monday, May 4th. Finally, Piper Sandler initiated coverage on Northeast Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $133.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Northeast Bancorp has an average rating of “Moderate Buy” and an average target price of $130.50.

Northeast Bancorp Price Performance

The company has a quick ratio of 1.10, a current ratio of 1.13 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 11.03 and a beta of 0.58. The company has a fifty day simple moving average of $122.52 and a two-hundred day simple moving average of $113.64.

Northeast Bancorp (NASDAQ:NBN) last posted its earnings results on Monday, April 27th. The financial services provider reported $3.53 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.53. Northeast Bancorp had a return on equity of 18.63% and a net margin of 25.96%.The company had revenue of $66.62 million for the quarter, compared to analyst estimates of $61.49 million.

Northeast Bancorp Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.0%. The ex-dividend date was Tuesday, May 12th. Northeast Bancorp’s dividend payout ratio is currently 0.34%.

Institutional Trading of Northeast Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in shares of Northeast Bancorp by 161.6% in the first quarter. Bank of America Corp DE now owns 39,929 shares of the financial services provider’s stock valued at $4,487,000 after acquiring an additional 24,668 shares in the last quarter. Royal Bank of Canada grew its stake in Northeast Bancorp by 303.5% in the 1st quarter. Royal Bank of Canada now owns 1,251 shares of the financial services provider’s stock worth $141,000 after acquiring an additional 941 shares during the period. Quantinno Capital Management LP grew its stake 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 worth $3,154,000 after acquiring an additional 15,096 shares during the period. Inceptionr LLC purchased a new stake in Northeast Bancorp in the 1st quarter worth approximately $312,000. Finally, Sei Investments Co. grew its stake in Northeast Bancorp by 82.5% in 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 during the period.

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.