Bank of New York Mellon Corp Invests $4.75 Million in Northeast Bancorp $NBN

Key Points

• Bank of New York Mellon initiated a $4.75 million stake in Northeast Bancorp during the second quarter, acquiring 35,817 shares and holding approximately 0.44% of the company.
• Institutional ownership increased broadly, with Quantinno Capital, SEI Investments, UBS, Vanguard and other investors adding to their positions.
• Northeast Bancorp reported quarterly EPS of $4.05, beating estimates of $3.40, while analysts maintained a “Moderate Buy” consensus and an average price target of $143.50.

Bank of New York Mellon Corp bought a new stake in Northeast Bancorp (NASDAQ:NBN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 35,817 shares of the financial services provider's stock, valued at approximately $4,747,000. Bank of New York Mellon Corp owned 0.44% of Northeast Bancorp at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP boosted its position in shares of Northeast Bancorp by 116.3% in the first quarter. Quantinno Capital Management LP now owns 28,071 shares of the financial services provider's stock worth $3,154,000 after buying an additional 15,096 shares during the period. Pacific Ridge Capital Partners LLC raised its holdings in shares of Northeast Bancorp by 5.2% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 127,330 shares of the financial services provider's stock valued at $13,233,000 after buying an additional 6,339 shares during the period. Vanguard Group Inc. lifted its position in Northeast Bancorp by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider's stock worth $45,157,000 after acquiring an additional 9,926 shares in the last quarter. Sei Investments Co. lifted its position in Northeast Bancorp by 82.5% during the 1st quarter. Sei Investments Co. now owns 35,272 shares of the financial services provider's stock worth $3,964,000 after acquiring an additional 15,944 shares in the last quarter. Finally, UBS Group AG boosted its holdings in Northeast Bancorp by 47.9% in the 4th quarter. UBS Group AG now owns 61,429 shares of the financial services provider's stock worth $6,384,000 after acquiring an additional 19,908 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NBN shares. Piper Sandler increased their price objective on shares of Northeast Bancorp from $145.00 to $151.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods upped 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 note on Tuesday, July 28th. Wall Street Zen downgraded shares of Northeast Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northeast Bancorp in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Northeast Bancorp presently has an average rating of "Moderate Buy" and an average target price of $143.50.

Northeast Bancorp Trading Up 0.9%

NBN opened at $132.86 on Friday. Northeast Bancorp has a 12-month low of $80.75 and a 12-month high of $142.31. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.13 and a quick ratio of 1.10. The stock has a market capitalization of $1.09 billion, a PE ratio of 10.44 and a beta of 0.58. The firm's fifty day moving average price is $131.19 and its 200 day moving average price is $123.35.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last issued its earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.40 by $0.65. Northeast Bancorp had a net margin of 27.91% and a return on equity of 19.94%. The business had revenue of $65.24 million for the quarter, compared to analyst estimates of $67.21 million.

Northeast Bancorp Announces Dividend

The company 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. 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 dividend payout ratio (DPR) 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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