Hennessy Advisors Inc. Lowers Stock Holdings in Northeast Community Bancorp Inc. $NECB

Key Points

• Hennessy Advisors Inc. reduced its stake in Northeast Community Bancorp by 52.0%, owning 12,000 shares worth approximately $279,000 by the end of the second quarter.
• Northeast Community Bancorp declared a $0.20 dividend per share, with a dividend yield of 4.0%, set to be paid on November 7th to shareholders of record on October 3rd.
• Analysts have upgraded Northeast Community Bancorp’s stock rating to "strong-buy," with expectations of a 3.04 earnings per share projection for the current year.

Hennessy Advisors Inc. lowered its stake in shares of Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) by 52.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,000 shares of the savings and loans company's stock after selling 13,000 shares during the quarter. Hennessy Advisors Inc. owned about 0.09% of Northeast Community Bancorp worth $279,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Acadian Asset Management LLC grew its holdings in shares of Northeast Community Bancorp by 19.3% during the first quarter. Acadian Asset Management LLC now owns 282,384 shares of the savings and loans company's stock worth $6,618,000 after buying an additional 45,726 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Northeast Community Bancorp by 2.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 170,860 shares of the savings and loans company's stock worth $4,005,000 after buying an additional 4,747 shares during the last quarter. Millennium Management LLC grew its holdings in shares of 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 worth $3,819,000 after buying an additional 117,888 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Northeast Community Bancorp by 4.0% during the first quarter. Bridgeway Capital Management LLC now owns 122,197 shares of the savings and loans company's stock worth $2,864,000 after buying an additional 4,741 shares during the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in shares of Northeast Community Bancorp by 7.8% during the first quarter. Segall Bryant & Hamill LLC now owns 95,296 shares of the savings and loans company's stock worth $2,234,000 after buying an additional 6,929 shares during the last quarter. Hedge funds and other institutional investors own 53.25% of the company's stock.

Northeast Community Bancorp Price Performance

Shares of NASDAQ:NECB opened at $20.17 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.40. The company has a market cap of $282.99 million, a P/E ratio of 6.02 and a beta of 0.53. Northeast Community Bancorp Inc. has a 52 week low of $19.75 and a 52 week high of $31.72. The company has a 50-day moving average price of $21.38 and a 200 day moving average price of $22.35.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.03. Northeast Community Bancorp had a net margin of 28.09% and a return on equity of 14.04%. The firm had revenue of $25.93 million during the quarter, compared to the consensus estimate of $25.96 million. Research analysts predict that Northeast Community Bancorp Inc. will post 3.04 earnings per share for the current year.

Northeast Community Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Friday, October 3rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, October 3rd. Northeast Community Bancorp's dividend payout ratio (DPR) is presently 23.88%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Zacks Research raised Northeast Community Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Weiss Ratings restated a "buy (b-)" rating on shares of Northeast Community Bancorp in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to MarketBeat, Northeast Community Bancorp presently has an average rating of "Strong Buy".

Northeast Community Bancorp Profile

Northeast Community Bancorp, Inc operates as the holding company for NorthEast Community Bank that provides financial services for individuals and businesses. It accepts various deposit instruments, including checking accounts, money market accounts, regular savings accounts, and non-interest bearing demand accounts, as well as certificates of deposits.

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