Bank of New York Mellon Corp Takes Position in Northeast Community Bancorp Inc. $NECB

Key Points

• Bank of New York Mellon purchased 67,143 shares of Northeast Community Bancorp, worth approximately $1.86 million, giving it a 0.49% stake. Institutional investors collectively own 53.25% of NECB.
• NECB shares opened at $26.74, down 1.6%, while the company’s latest quarterly results missed expectations with EPS of $0.72 versus the $0.76 consensus and revenue of $25.29 million.
• Northeast Community Bancorp raised its quarterly dividend to $0.25, representing a $1.00 annualized payout and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus with a $29.50 price target.

Bank of New York Mellon Corp purchased a new stake in Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 67,143 shares of the savings and loans company's stock, valued at approximately $1,863,000. Bank of New York Mellon Corp owned 0.49% of Northeast Community Bancorp as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in NECB. Bank of America Corp DE boosted its holdings in Northeast Community Bancorp by 77.9% in the 1st quarter. Bank of America Corp DE now owns 22,060 shares of the savings and loans company's stock valued at $525,000 after purchasing an additional 9,662 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Northeast Community Bancorp by 22.5% in the first quarter. Empowered Funds LLC now owns 97,037 shares of the savings and loans company's stock valued at $2,309,000 after acquiring an additional 17,840 shares during the period. Quantinno Capital Management LP grew its holdings in shares of Northeast Community Bancorp by 59.7% during the first quarter. Quantinno Capital Management LP now owns 32,919 shares of the savings and loans company's stock worth $783,000 after buying an additional 12,308 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Northeast Community Bancorp in the first quarter valued at about $429,000. Finally, Renaissance Technologies LLC grew its holdings 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 worth $4,194,000 after acquiring an additional 28,605 shares during the period. Hedge funds and other institutional investors own 53.25% of the company's stock.

Northeast Community Bancorp Trading Down 1.6%

Shares of NASDAQ:NECB opened at $26.74 on Wednesday. The company has a 50 day moving average of $26.75 and a 200-day moving average of $25.27. The firm has a market cap of $368.10 million, a P/E ratio of 8.57 and a beta of 0.36. Northeast Community Bancorp Inc. has a twelve month low of $19.27 and a twelve month high of $28.94. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.04). The business had revenue of $25.29 million during the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a return on equity of 12.00% and a net margin of 27.67%. As a group, analysts anticipate that Northeast Community Bancorp Inc. will post 3.16 earnings per share for the current fiscal year.

Northeast Community Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Tuesday, July 7th were paid a $0.25 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $1.00 annualized dividend and a yield of 3.7%. This is a boost from Northeast Community Bancorp's previous quarterly dividend of $0.20. Northeast Community Bancorp's dividend payout ratio (DPR) is currently 32.05%.

Analyst Upgrades and Downgrades

NECB has been the subject of a number of research reports. Weiss Ratings restated a "buy (b)" rating on shares of Northeast Community Bancorp in a research report on Thursday, July 2nd. Piper Sandler upped their price target on Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a "neutral" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Northeast Community Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $29.50.

Insider Buying and Selling at Northeast Community Bancorp

In other news, CFO Donald S. Hom sold 3,000 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total transaction of $81,600.00. Following the completion of the sale, the chief financial officer directly owned 4,714 shares of the company's stock, valued at $128,220.80. This trade represents a 38.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 7.12% of the stock is owned by company insiders.

About Northeast Community Bancorp

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.

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