Millennium Management LLC Boosts Stake in Northeast Bank (NASDAQ:NBN)

Millennium Management LLC boosted its holdings in Northeast Bank (NASDAQ:NBN - Free Report) by 38.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,893 shares of the financial services provider's stock after acquiring an additional 4,956 shares during the quarter. Millennium Management LLC owned 0.22% of Northeast Bank worth $1,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Northeast Bank by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 382,996 shares of the financial services provider's stock valued at $35,132,000 after acquiring an additional 19,279 shares in the last quarter. American Century Companies Inc. lifted its position in Northeast Bank by 17.1% in the 4th quarter. American Century Companies Inc. now owns 172,538 shares of the financial services provider's stock valued at $15,827,000 after acquiring an additional 25,220 shares in the last quarter. Geode Capital Management LLC lifted its position in Northeast Bank by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 158,171 shares of the financial services provider's stock valued at $14,513,000 after acquiring an additional 4,701 shares in the last quarter. Kennedy Capital Management LLC lifted its position in Northeast Bank by 9.5% in the 4th quarter. Kennedy Capital Management LLC now owns 141,994 shares of the financial services provider's stock valued at $13,025,000 after acquiring an additional 12,301 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Northeast Bank by 17.2% in the 4th quarter. Invesco Ltd. now owns 98,324 shares of the financial services provider's stock valued at $9,019,000 after acquiring an additional 14,427 shares in the last quarter.

Northeast Bank Stock Performance

Shares of NASDAQ NBN traded down $0.93 during midday trading on Wednesday, hitting $80.61. 62,434 shares of the stock traded hands, compared to its average volume of 44,144. The firm has a 50-day moving average of $85.90 and a two-hundred day moving average of $93.52. The firm has a market capitalization of $661.49 million, a P/E ratio of 9.38 and a beta of 0.60. Northeast Bank has a one year low of $54.50 and a one year high of $110.35.

Northeast Bank (NASDAQ:NBN - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.83 by ($0.60). The firm had revenue of $52.57 million during the quarter, compared to analysts' expectations of $50.09 million.

Northeast Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 13th were paid a $0.01 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.05%. Northeast Bank's dividend payout ratio (DPR) is 0.44%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price target on Northeast Bank from $102.00 to $115.00 and gave the company a "market perform" rating in a report on Monday, February 10th.

Northeast Bank Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.