BlackRock Inc. Invests $35.06 Million in Northeast Community Bancorp Inc. $NECB

Key Points

• BlackRock acquired 1.26 million shares of Northeast Community Bancorp in the second quarter, valued at approximately $35.06 million and representing a 9.15% stake. Institutional investors collectively own 53.25% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with a $29.50 average price target, while the stock recently traded at $26.20. Northeast Community Bancorp’s latest quarterly earnings and revenue came in slightly below consensus estimates.
• The company increased its quarterly dividend to $0.25 per share, equivalent to a $1.00 annualized dividend and a 3.8% yield. Separately, CFO Donald S. Hom sold 3,000 shares worth $81,600.

BlackRock Inc. bought a new stake in Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,263,896 shares of the savings and loans company's stock, valued at approximately $35,060,000. BlackRock Inc. owned 9.15% of Northeast Community Bancorp as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in Northeast Community Bancorp in the first quarter worth $1,779,000. Millennium Management LLC lifted its position in Northeast Community Bancorp by 261.8% during the first quarter. Millennium Management LLC now owns 162,916 shares of the savings and loans company's stock valued at $3,819,000 after buying an additional 117,888 shares during the period. Empowered Funds LLC boosted its holdings in shares of Northeast Community Bancorp by 7.4% during the 1st quarter. Empowered Funds LLC now owns 69,058 shares of the savings and loans company's stock valued at $1,619,000 after buying an additional 4,741 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Northeast Community Bancorp by 78.3% during the 1st quarter. Jane Street Group LLC now owns 25,696 shares of the savings and loans company's stock valued at $602,000 after buying an additional 11,286 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Northeast Community Bancorp by 4.6% in the 2nd quarter. First Trust Advisors LP now owns 58,616 shares of the savings and loans company's stock worth $1,363,000 after buying an additional 2,602 shares during the period. 53.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NECB shares. Piper Sandler boosted their price objective on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of Northeast Community Bancorp in a research note on Thursday, July 2nd. One 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.50.

Insider Activity at Northeast Community Bancorp

In related news, CFO Donald S. Hom sold 3,000 shares of Northeast Community Bancorp stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total value of $81,600.00. Following the completion of the sale, the chief financial officer owned 4,714 shares of the company's stock, valued at $128,220.80. The trade was a 38.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 7.12% of the stock is owned by insiders.

Northeast Community Bancorp Stock Down 0.6%

NECB opened at $26.20 on Wednesday. The stock has a market capitalization of $360.77 million, a price-to-earnings ratio of 8.40 and a beta of 0.36. The firm has a 50 day moving average price of $26.79 and a 200-day moving average price of $25.18. Northeast Community Bancorp Inc. has a twelve month low of $19.27 and a twelve month high of $28.94. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53.

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

Northeast Community Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Tuesday, July 7th were paid a $0.25 dividend. This is an increase from Northeast Community Bancorp's previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, July 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. Northeast Community Bancorp's dividend payout ratio (DPR) is 32.05%.

Northeast Community Bancorp Profile

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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