Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 166,239 Northeast Community Bancorp Inc. $NECB

Key Points

• Connor Clark & Lunn Investment Management purchased 166,239 shares of Northeast Community Bancorp worth approximately $4.6 million, taking a 1.21% stake. Institutional investors collectively own 53.25% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $29.50, although Northeast Community Bancorp recently missed quarterly earnings and revenue estimates.
• The company increased its quarterly dividend to $0.25 per share, equal to a $1.00 annualized payout and a 3.8% yield; its shares recently traded at $26.37.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 166,239 shares of the savings and loans company's stock, valued at approximately $4,611,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.21% of Northeast Community Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Northeast Community Bancorp during the second quarter valued at about $35,060,000. Vanguard Group Inc. lifted its position in shares of Northeast Community Bancorp by 0.3% in the third quarter. Vanguard Group Inc. now owns 671,486 shares of the savings and loans company's stock worth $13,812,000 after buying an additional 1,695 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Northeast Community Bancorp by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 466,870 shares of the savings and loans company's stock worth $11,112,000 after buying an additional 25,687 shares in the last quarter. Geode Capital Management LLC boosted its stake in Northeast Community Bancorp by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 395,299 shares of the savings and loans company's stock valued at $8,939,000 after buying an additional 12,250 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake 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 valued at $4,194,000 after buying an additional 28,605 shares during the last quarter. Institutional investors own 53.25% of the company's stock.

Analyst Upgrades and Downgrades

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

Northeast Community Bancorp Stock Performance

Shares of NASDAQ:NECB opened at $26.37 on Friday. The firm has a fifty day simple moving average of $26.78 and a two-hundred day simple moving average of $25.14. Northeast Community Bancorp Inc. has a 52 week low of $19.27 and a 52 week 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. The stock has a market capitalization of $363.11 million, a P/E ratio of 8.45 and a beta of 0.36.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last announced 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 net margin of 27.67% and a return on equity of 12.00%. The business had revenue of $25.29 million for the quarter, compared to analysts' expectations of $25.76 million. On average, analysts expect 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 dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, July 7th. This is an increase from Northeast Community Bancorp's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 3.8%. Northeast Community Bancorp's payout ratio is presently 32.05%.

Insider Transactions at Northeast Community Bancorp

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

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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