Northeast Community Bancorp (NASDAQ:NECB) Stock Bumped Up to Strong-Buy by Zacks Research

Key Points

• Zacks Research upgraded Northeast Community Bancorp from “hold” to “strong buy.” Other analysts are also generally positive, with the stock carrying an overall “buy” rating and an average price target of $29.50.
• NECB shares opened at $27.41, near their 12-month high of $28.94, with a market capitalization of approximately $377 million and a price-to-earnings ratio of 8.79.
• The company’s latest quarterly results fell slightly short of expectations, reporting $0.72 in EPS versus a $0.76 consensus estimate and revenue of $25.29 million versus $25.76 million expected. Institutional investors own 53.25% of the stock, while the CFO recently sold 3,000 shares.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Wednesday, Zacks reports.

A number of other analysts also recently issued reports on NECB. Weiss Ratings reiterated a "buy (b)" rating on shares of Northeast Community Bancorp in a research report on Tuesday, September 29th. Piper Sandler boosted their price target on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the company a "neutral" rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $29.50.

Northeast Community Bancorp Price Performance

Shares of NASDAQ:NECB opened at $27.41 on Wednesday. Northeast Community Bancorp has a twelve month low of $19.27 and a twelve month high of $28.94. The firm has a market capitalization of $377.33 million, a price-to-earnings ratio of 8.79 and a beta of 0.38. The stock's 50 day moving average is $26.75 and its 200-day moving average is $25.77. 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 (NASDAQ:NECB - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.04). The company had revenue of $25.29 million during the quarter, compared to analysts' expectations of $25.76 million. Northeast Community Bancorp had a net margin of 27.67% and a return on equity of 12.00%. Sell-side analysts forecast that Northeast Community Bancorp will post 3.24 EPS for the current fiscal year.

Insider Buying and Selling at Northeast Community Bancorp

In related news, CFO Donald S. Hom sold 3,000 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total value of $81,600.00. Following the transaction, the chief financial officer directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NECB. BlackRock Inc. bought a new stake in shares of Northeast Community Bancorp during the second quarter valued at approximately $35,060,000. Dimensional Fund Advisors LP boosted its position in shares of Northeast Community Bancorp by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 466,870 shares of the savings and loans company's stock worth $11,112,000 after acquiring an additional 25,687 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Northeast Community Bancorp during the second quarter valued at $4,611,000. Renaissance Technologies LLC grew its stake in Northeast Community Bancorp by 19.4% during the first quarter. Renaissance Technologies LLC now owns 176,205 shares of the savings and loans company's stock valued at $4,194,000 after acquiring an additional 28,605 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Northeast Community Bancorp in the 2nd quarter valued at $2,690,000. 53.25% of the stock is currently owned by institutional investors.

About Northeast Community Bancorp

Northeast Community Bancorp, Inc is the holding company for NorthEast Community Bank, a community-focused banking institution serving customers in the Hudson Valley and surrounding regions of New York and Connecticut. The company operates through its banking subsidiary and emphasizes relationship-based service for individuals, families, businesses and real estate investors.

NorthEast Community Bank offers a range of deposit products, including checking, savings, money market and certificate accounts, as well as residential mortgage loans, home equity financing, commercial real estate loans, construction lending, commercial and industrial loans, and consumer credit.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.