BlackRock Inc. Purchases New Shares in Northeast Bancorp $NBN

Key Points

• BlackRock acquired 627,481 shares of Northeast Bancorp during the second quarter, valued at approximately $83.2 million and representing about 7.64% of the company.
• Northeast Bancorp reported quarterly earnings of $4.05 per share, beating analyst estimates of $3.40, while revenue of $65.24 million fell short of expectations.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $143.50; the stock recently traded at $129.23.

BlackRock Inc. bought a new position in shares of Northeast Bancorp (NASDAQ:NBN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 627,481 shares of the financial services provider's stock, valued at approximately $83,160,000. BlackRock Inc. owned approximately 7.64% of Northeast Bancorp as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Northeast Bancorp by 105.6% in the 2nd quarter. GAMMA Investing LLC now owns 185 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 95 shares during the last quarter. Arcus Capital Partners LLC raised its stake in Northeast Bancorp by 2.1% during the first quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider's stock worth $547,000 after buying an additional 99 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Northeast Bancorp by 5.2% during the 2nd quarter. Jump Financial LLC now owns 3,129 shares of the financial services provider's stock worth $278,000 after buying an additional 154 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Northeast Bancorp by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider's stock worth $381,000 after purchasing an additional 175 shares during the period. Finally, Cetera Investment Advisers increased its stake in Northeast Bancorp by 8.0% during the 1st quarter. Cetera Investment Advisers now owns 2,475 shares of the financial services provider's stock valued at $278,000 after purchasing an additional 184 shares in the last quarter.

Northeast Bancorp Price Performance

NBN stock opened at $129.23 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. The firm has a market cap of $1.06 billion, a P/E ratio of 10.16 and a beta of 0.58. The firm's fifty day moving average is $131.24 and its 200 day moving average is $123.07. Northeast Bancorp has a 52 week low of $80.75 and a 52 week high of $142.31.

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

Northeast Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Northeast Bancorp from $128.00 to $136.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Piper Sandler upped their price objective on shares of Northeast Bancorp from $145.00 to $151.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Wall Street Zen cut Northeast Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, May 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Northeast Bancorp in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Northeast Bancorp has an average rating of "Moderate Buy" and an average target price of $143.50.

Northeast Bancorp Company 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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