Man Group plc Makes New $2.40 Million Investment in Northeast Bancorp $NBN

Key Points

• Man Group plc bought 18,125 shares of Northeast Bancorp worth approximately $2.40 million in the second quarter, giving it a 0.22% stake. Several other institutional investors also increased their holdings.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $143.50, although one firm downgraded the stock to “Hold.”
• Northeast Bancorp reported quarterly earnings of $4.05 per share, beating estimates of $3.40, while shares recently traded at $124.65—down 1.2%—and the company maintained a small quarterly dividend of $0.01 per share.

Man Group plc purchased a new stake in Northeast Bancorp (NASDAQ:NBN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,125 shares of the financial services provider's stock, valued at approximately $2,402,000. Man Group plc owned approximately 0.22% of Northeast Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Northeast Bancorp by 105.6% during the 2nd quarter. GAMMA Investing LLC now owns 185 shares of the financial services provider's stock worth $25,000 after purchasing an additional 95 shares during the last quarter. Arcus Capital Partners LLC boosted its stake in Northeast Bancorp by 2.1% in the 1st quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider's stock valued at $547,000 after purchasing an additional 99 shares during the period. Jump Financial LLC grew its stake in shares of Northeast Bancorp by 5.2% in the second quarter. Jump Financial LLC now owns 3,129 shares of the financial services provider's stock valued at $278,000 after acquiring an additional 154 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Northeast Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider's stock valued at $381,000 after acquiring an additional 175 shares during the period. Finally, Cetera Investment Advisers raised its position in Northeast Bancorp by 8.0% during the first quarter. Cetera Investment Advisers now owns 2,475 shares of the financial services provider's stock valued at $278,000 after purchasing an additional 184 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Northeast Bancorp Stock Down 1.2%

Shares of NASDAQ NBN opened at $124.65 on Wednesday. Northeast Bancorp has a 52 week low of $80.75 and a 52 week high of $142.31. The business has a 50-day simple moving average of $131.14 and a two-hundred day simple moving average of $123.14. The company has a quick ratio of 1.10, a current ratio of 1.13 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.02 billion, a P/E ratio of 9.80 and a beta of 0.58.

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

Northeast Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders 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 payout ratio is 0.31%.

Northeast Bancorp 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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