Bank of America Corp DE Buys 23,932 Shares of Northeast Bancorp $NBN

Key Points

• Bank of America initiated a position in Northeast Bancorp by purchasing 23,932 shares valued at approximately $3.17 million, representing 0.29% ownership. Several other institutional investors also acquired new stakes during the second quarter.
• Analysts maintain a generally positive outlook, with Northeast Bancorp receiving a consensus “Moderate Buy” rating and an average price target of $143.50.
• Northeast Bancorp exceeded quarterly earnings expectations, reporting $4.05 in EPS versus the $3.40 consensus estimate, although revenue of $65.24 million fell short of estimates.

Bank of America Corp DE purchased a new position in Northeast Bancorp (NASDAQ:NBN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,932 shares of the financial services provider's stock, valued at approximately $3,172,000. Bank of America Corp DE owned 0.29% of Northeast Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of NBN. Basswood Capital Management L.L.C. bought a new position in shares of Northeast Bancorp in the 2nd quarter valued at $4,123,000. Man Group plc bought a new position in shares of Northeast Bancorp in the second quarter worth about $2,402,000. Jupiter Topco LLC bought a new position in shares of Northeast Bancorp in the second quarter worth about $516,000. Legal & General Group Plc acquired a new stake in shares of Northeast Bancorp in the 2nd quarter valued at approximately $1,039,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Northeast Bancorp in the 2nd quarter valued at approximately $256,000.

Analyst Ratings Changes

NBN has been the topic of a number of research analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Northeast Bancorp in a research report on Friday, July 31st. Piper Sandler upped their price target on shares of Northeast Bancorp from $145.00 to $151.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods increased their price target on Northeast Bancorp from $128.00 to $136.00 and gave the company a "market perform" rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $143.50.

Northeast Bancorp Stock Performance

NASDAQ NBN opened at $124.32 on Wednesday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 9.77 and a beta of 0.58. Northeast Bancorp has a twelve month low of $80.75 and a twelve month high of $142.31. The stock has a fifty day simple moving average of $130.55 and a 200 day simple moving average of $125.55. The company has a quick ratio of 1.32, a current ratio of 1.35 and a debt-to-equity ratio of 1.42.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $4.05 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.65. Northeast Bancorp had a return on equity of 19.35% and a net margin of 27.91%.The firm had revenue of $65.24 million for the quarter, compared to analyst estimates of $67.21 million.

Northeast Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were paid a $0.01 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Northeast Bancorp's payout ratio is currently 0.31%.

Northeast Bancorp Profile

Northeast Bancorp is a bank holding company headquartered in Lewiston, Maine. Its principal subsidiary, Northeast Bank, provides a range of banking and financial services to individuals, families, businesses and community organizations.

Through its Community Banking segment, Northeast Bank offers deposit accounts, commercial and residential real estate loans, consumer loans, commercial loans and other traditional banking products. The bank serves customers through a branch network in Maine, with operations focused primarily on communities in the state.

Northeast Bank also operates a national Small Business Administration lending business.

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