Engineers Gate Manager LP Makes New Investment in Northeast Bancorp $NBN

Key Points

• Engineers Gate Manager LP acquired 8,370 shares of Northeast Bancorp in the second quarter, worth approximately $1.1 million and representing about 0.10% of the company.
• Several other institutional investors also increased or initiated positions, including Hingham Institution for Savings, Bank of New York Mellon, Quantbot Technologies, and Man Group.
• Northeast Bancorp reported quarterly EPS of $4.05, exceeding estimates of $3.40, while analysts maintain a “Moderate Buy” consensus with an average price target of $143.50.

Engineers Gate Manager LP bought a new stake in shares of Northeast Bancorp (NASDAQ:NBN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 8,370 shares of the financial services provider's stock, valued at approximately $1,109,000. Engineers Gate Manager LP owned about 0.10% of Northeast Bancorp at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Hingham Institution for Savings bought a new stake in shares of Northeast Bancorp in the 2nd quarter worth about $1,590,000. Quantinno Capital Management LP lifted its position in shares of Northeast Bancorp by 116.3% during the first quarter. Quantinno Capital Management LP now owns 28,071 shares of the financial services provider's stock worth $3,154,000 after purchasing an additional 15,096 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Northeast Bancorp in the second quarter worth about $4,747,000. Quantbot Technologies LP acquired a new position in Northeast Bancorp in the second quarter worth about $2,097,000. Finally, Man Group plc bought a new stake in Northeast Bancorp in the second quarter valued at about $2,402,000.

Northeast Bancorp Stock Up 1.1%

NBN stock opened at $133.44 on Friday. The firm's 50-day moving average is $130.95 and its two-hundred day moving average is $124.47. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 10.49 and a beta of 0.58. Northeast Bancorp has a 52 week low of $80.75 and a 52 week high of $142.31. The company has a current ratio of 1.35, a quick ratio of 1.32 and a debt-to-equity ratio of 1.42.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.65. The business had revenue of $65.24 million during the quarter, compared to analysts' expectations of $67.21 million. Northeast Bancorp had a net margin of 27.91% and a return on equity of 19.35%.

Northeast Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.04 annualized dividend and a yield of 0.0%. Northeast Bancorp's dividend payout ratio (DPR) is currently 0.31%.

Wall Street Analyst Weigh In

NBN has been the topic of several research reports. Weiss Ratings restated a "buy (b)" rating on shares of Northeast Bancorp in a research note on Friday, July 31st. Piper Sandler boosted their price target on Northeast Bancorp from $145.00 to $151.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their price target on Northeast Bancorp from $128.00 to $136.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen lowered Northeast Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, May 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.50.

About Northeast Bancorp

Northeast Bancorp is a bank holding company headquartered in Lewiston, Maine. Its principal subsidiary, Northeast Bank, provides a range of banking and financial services to individuals, families, businesses and community organizations.

Through its Community Banking segment, Northeast Bank offers deposit accounts, commercial and residential real estate loans, consumer loans, commercial loans and other traditional banking products. The bank serves customers through a branch network in Maine, with operations focused primarily on communities in the state.

Northeast Bank also operates a national Small Business Administration lending business.

Want to see what other hedge funds are holding NBN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northeast Bancorp (NASDAQ:NBN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.