Northeast Community Bancorp (NASDAQ:NECB) Given New $31.00 Price Target at Freedom Broker

Key Points

• Freedom Broker raised Northeast Community Bancorp’s price target to $31 from $30 and maintained a “buy” rating, implying approximately 9% upside from the prior close. Analysts overall hold a consensus “Buy” rating with an average target of $30.25.
• NECB shares rose 2.4% to $28.45, near the company’s 52-week high of $29.26. The bank reported quarterly EPS of $0.79, slightly below the $0.82 consensus, while revenue of $25.91 million also missed expectations.
• Institutional investors own 53.25% of the company and several firms recently initiated positions, while CFO Donald S. Hom sold 3,000 shares in July.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) had its target price hoisted by equities research analysts at Freedom Broker from $30.00 to $31.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the savings and loans company's stock. Freedom Broker's price target would indicate a potential upside of 8.98% from the company's previous close.

NECB has been the topic of several other research reports. Zacks Research raised Northeast Community Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northeast Community Bancorp in a research report on Tuesday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Northeast Community Bancorp has a consensus rating of "Buy" and an average target price of $30.25.

Northeast Community Bancorp Trading Up 2.4%

NECB traded up $0.68 on Monday, reaching $28.45. 45,994 shares of the company traded hands, compared to its average volume of 43,888. The company has a market cap of $391.69 million, a P/E ratio of 9.38 and a beta of 0.38. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53. Northeast Community Bancorp has a one year low of $19.27 and a one year high of $29.26. The firm has a fifty day simple moving average of $26.96 and a two-hundred day simple moving average of $26.07.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last issued its earnings results on Thursday, October 22nd. The savings and loans company reported $0.79 EPS for the quarter, missing analysts' consensus estimates of $0.82 by ($0.03). The company had revenue of $25.91 million during the quarter, compared to the consensus estimate of $27.96 million. Northeast Community Bancorp had a return on equity of 11.55% and a net margin of 27.21%. As a group, equities research analysts expect that Northeast Community Bancorp will post 3.24 earnings per share for the current year.

Insiders Place Their Bets

In other Northeast Community Bancorp news, CFO Donald S. Hom sold 3,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total transaction of $81,600.00. Following the sale, the chief financial officer owned 4,714 shares of the company's stock, valued at approximately $128,220.80. This trade represents a 38.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. purchased a new stake in shares of Northeast Community Bancorp during the 2nd quarter worth $486,000. Empowered Funds LLC purchased a new position in Northeast Community Bancorp in the second quarter valued at about $2,690,000. Public Employees Retirement System of Ohio bought a new position in Northeast Community Bancorp in the second quarter worth about $149,000. Raffles Associates LP bought a new position in Northeast Community Bancorp in the second quarter worth about $1,651,000. Finally, Bank of America Corp DE purchased a new stake in shares of Northeast Community Bancorp during the second quarter valued at about $630,000. 53.25% of the stock is owned by institutional investors.

About Northeast Community Bancorp

Northeast Community Bancorp, Inc is the holding company for Northeast Community Bank, a community-oriented savings bank headquartered in New York. The bank provides retail and commercial banking services to individuals, families, businesses and community organizations through its branch network in New York and New Jersey.

Northeast Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and multifamily real estate loans, commercial real estate financing, construction loans, home equity products and other loans for businesses and consumers.

The company emphasizes relationship-based banking and focuses on serving local markets, including communities in the New York metropolitan area and surrounding regions.

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