Voleon Capital Management LP Makes New $244,000 Investment in Northeast Bancorp $NBN

Key Points

• Voleon Capital Management LP acquired 2,666 shares of Northeast Bancorp, valued at approximately $244,000, marking their entry into the company's stock.
• Northeast Bancorp reported a quarterly earnings per share (EPS) of $3.00, exceeding analysts' estimates and showing significant revenue growth.
• The company announced a quarterly dividend of $0.01 per share, reflecting a $0.04 annualized dividend with a dividend yield of 0.0%.

Voleon Capital Management LP bought a new position in Northeast Bancorp (NASDAQ:NBN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,666 shares of the financial services provider's stock, valued at approximately $244,000.

Several other hedge funds have also recently modified their holdings of NBN. Nuveen LLC purchased a new position in shares of Northeast Bancorp in the first quarter worth $8,089,000. Royce & Associates LP lifted its holdings in shares of Northeast Bancorp by 87.3% in the first quarter. Royce & Associates LP now owns 98,438 shares of the financial services provider's stock worth $9,011,000 after buying an additional 45,893 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in shares of Northeast Bancorp by 31.7% in the first quarter. GW&K Investment Management LLC now owns 166,672 shares of the financial services provider's stock worth $15,257,000 after buying an additional 40,145 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Northeast Bancorp in the fourth quarter worth $3,114,000. Finally, Deutsche Bank AG lifted its holdings in shares of Northeast Bancorp by 511.9% in the first quarter. Deutsche Bank AG now owns 27,988 shares of the financial services provider's stock worth $2,562,000 after buying an additional 23,414 shares in the last quarter.

Northeast Bancorp Price Performance

Shares of NBN stock traded down $1.32 during mid-day trading on Monday, hitting $109.08. The company had a trading volume of 16,425 shares, compared to its average volume of 65,136. The stock's 50 day moving average price is $101.67 and its 200-day moving average price is $92.50. Northeast Bancorp has a 52-week low of $68.89 and a 52-week high of $112.00. The company has a market capitalization of $895.55 million, a P/E ratio of 10.86 and a beta of 0.63. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.25 and a quick ratio of 1.23.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.46. Northeast Bancorp had a net margin of 23.77% and a return on equity of 19.19%. The company had revenue of $62.70 million for the quarter, compared to analysts' expectations of $56.50 million.

Northeast Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 25th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date is Thursday, September 25th. Northeast Bancorp's payout ratio is currently 0.40%.

Northeast Bancorp Company Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.