Citadel Advisors LLC Invests $3.11 Million in Northeast Bank (NASDAQ:NBN)

Citadel Advisors LLC acquired a new position in Northeast Bank (NASDAQ:NBN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 33,949 shares of the financial services provider's stock, valued at approximately $3,114,000. Citadel Advisors LLC owned about 0.41% of Northeast Bank as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Royce & Associates LP purchased a new position in Northeast Bank during the 4th quarter valued at $4,820,000. Raymond James Financial Inc. purchased a new position in Northeast Bank during the 4th quarter valued at $294,000. SG Americas Securities LLC increased its position in Northeast Bank by 151.9% during the 4th quarter. SG Americas Securities LLC now owns 6,031 shares of the financial services provider's stock valued at $553,000 after purchasing an additional 3,637 shares during the period. JPMorgan Chase & Co. increased its position in Northeast Bank by 136.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 27,699 shares of the financial services provider's stock valued at $2,136,000 after purchasing an additional 15,975 shares during the period. Finally, Invesco Ltd. increased its position in Northeast Bank by 17.2% during the 4th quarter. Invesco Ltd. now owns 98,324 shares of the financial services provider's stock valued at $9,019,000 after purchasing an additional 14,427 shares during the period.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their target price on shares of Northeast Bank from $102.00 to $115.00 and gave the stock a "market perform" rating in a research report on Monday, February 10th.

Northeast Bank Stock Down 1.3%

NBN traded down $1.10 during midday trading on Monday, hitting $81.90. 39,609 shares of the company traded hands, compared to its average volume of 43,584. The firm has a market capitalization of $672.07 million, a PE ratio of 9.53 and a beta of 0.60. The company's 50-day moving average is $87.11 and its 200 day moving average is $94.23. Northeast Bank has a 52 week low of $54.50 and a 52 week high of $110.35.

Northeast Bank (NASDAQ:NBN - Get Free Report) last posted its earnings results on Tuesday, April 29th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.83 by ($0.60). The business had revenue of $52.57 million for the quarter, compared to analyst estimates of $50.09 million.

Northeast Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date of this dividend is Tuesday, May 13th. Northeast Bank's payout ratio is 0.44%.

About Northeast Bank

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.