Legal & General Group Plc Takes Position in Northeast Bancorp $NBN

Legal & General Group Plc acquired a new stake in shares of Northeast Bancorp (NASDAQ:NBN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,836 shares of the financial services provider's stock, valued at approximately $1,039,000. Legal & General Group Plc owned 0.10% of Northeast Bancorp as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Northeast Bancorp during the 2nd quarter valued at $83,160,000. Ampfield Management L.P. bought a new stake in shares of Northeast Bancorp in the first quarter worth $19,500,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Northeast Bancorp by 237.8% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 125,851 shares of the financial services provider's stock worth $12,605,000 after acquiring an additional 88,592 shares during the period. Boothbay Fund Management LLC purchased a new stake in Northeast Bancorp during the fourth quarter valued at $8,373,000. Finally, Bank of New York Mellon Corp purchased a new stake in Northeast Bancorp during the second quarter valued at $4,747,000.

Northeast Bancorp Price Performance

NBN opened at $132.86 on Tuesday. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 10.44 and a beta of 0.58. 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's fifty day moving average is $131.19 and its 200 day moving average is $123.45. Northeast Bancorp has a fifty-two week low of $80.75 and a fifty-two week high of $142.31.

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

Northeast Bancorp Dividend Announcement

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

Analysts Set New Price Targets

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