Bank of America Corp DE Increases Holdings in Northeast Bancorp $NBN

Key Points

• Bank of America increased its Northeast Bancorp stake by 161.6% in the first quarter, owning 39,929 shares valued at approximately $4.49 million, or 0.49% of the company.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $143.50; Piper Sandler raised its target to $151 and Keefe, Bruyette & Woods raised its target to $136.
• Northeast Bancorp reported quarterly earnings of $4.05 per share, beating estimates of $3.40, while revenue of $65.24 million fell short of the $67.21 million consensus forecast.

Bank of America Corp DE increased its holdings in shares of Northeast Bancorp (NASDAQ:NBN - Free Report) by 161.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,929 shares of the financial services provider's stock after purchasing an additional 24,668 shares during the period. Bank of America Corp DE owned 0.49% of Northeast Bancorp worth $4,487,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Northeast Bancorp by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider's stock worth $45,157,000 after purchasing an additional 9,926 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Northeast Bancorp by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 333,281 shares of the financial services provider's stock worth $37,449,000 after purchasing an additional 11,168 shares during the last quarter. Boston Partners lifted its position in shares of Northeast Bancorp by 0.4% in the 3rd quarter. Boston Partners now owns 271,711 shares of the financial services provider's stock worth $27,018,000 after buying an additional 1,029 shares during the last quarter. Ampfield Management L.P. bought a new position in shares of Northeast Bancorp during the first quarter valued at approximately $19,500,000. Finally, GW&K Investment Management LLC lifted its stake in Northeast Bancorp by 7.6% in the fourth quarter. GW&K Investment Management LLC now owns 172,575 shares of the financial services provider's stock valued at $17,936,000 after buying an additional 12,224 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NBN shares. Keefe, Bruyette & Woods increased their target price on shares of Northeast Bancorp from $128.00 to $136.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northeast Bancorp in a report on Friday, July 31st. Wall Street Zen cut shares of Northeast Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, May 24th. Finally, Piper Sandler upped their target price on Northeast Bancorp from $145.00 to $151.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.50.

Northeast Bancorp Stock Performance

NBN stock opened at $129.23 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.13 and a quick ratio of 1.10. Northeast Bancorp has a fifty-two week low of $80.75 and a fifty-two week high of $142.31. The stock has a market capitalization of $1.06 billion, a PE ratio of 10.16 and a beta of 0.58. The company has a 50 day moving average price of $131.24 and a 200 day moving average price of $123.08.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.65. Northeast Bancorp had a return on equity of 19.94% 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 Dividend Announcement

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

Northeast Bancorp 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.

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