Martingale Asset Management L P Acquires 17,000 Shares of Northeast Community Bancorp Inc. $NECB

Key Points

• Martingale Asset Management L P increased its stake in Northeast Community Bancorp by 52.1%, owning 49,651 shares worth $1,164,000 after acquiring an additional 17,000 shares.
• Northeast Community Bancorp recently declared a special dividend of $0.20, with a record date of September 8th, representing a yield of 350.0%.
• The company's stock has experienced a 7.5% increase, with earnings reported at $0.82 per share, surpassing analysts' expectations.

Martingale Asset Management L P increased its position in Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) by 52.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 49,651 shares of the savings and loans company's stock after purchasing an additional 17,000 shares during the period. Martingale Asset Management L P owned about 0.35% of Northeast Community Bancorp worth $1,164,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of NECB. Dimensional Fund Advisors LP grew its holdings in shares of Northeast Community Bancorp by 20.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 338,918 shares of the savings and loans company's stock valued at $8,290,000 after buying an additional 56,607 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Northeast Community Bancorp by 2.9% during the 1st 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 acquiring an additional 4,747 shares during the period. Northern Trust Corp increased its holdings in shares of Northeast Community Bancorp by 5.0% in the 4th quarter. Northern Trust Corp now owns 117,767 shares of the savings and loans company's stock valued at $2,881,000 after purchasing an additional 5,582 shares during the period. Bridgeway Capital Management LLC grew its position in Northeast Community Bancorp by 0.6% during the fourth quarter. Bridgeway Capital Management LLC now owns 117,456 shares of the savings and loans company's stock valued at $2,873,000 after purchasing an additional 708 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Northeast Community Bancorp by 7.3% during the fourth quarter. Ameriprise Financial Inc. now owns 99,988 shares of the savings and loans company's stock valued at $2,446,000 after purchasing an additional 6,774 shares in the last quarter. Hedge funds and other institutional investors own 53.25% of the company's stock.

Northeast Community Bancorp Stock Down 0.4%

NECB stock traded down $0.09 during midday trading on Thursday, reaching $22.75. The company had a trading volume of 13,965 shares, compared to its average volume of 46,330. The company has a 50 day moving average of $22.55 and a two-hundred day moving average of $22.71. The company has a market capitalization of $319.11 million, a P/E ratio of 6.80 and a beta of 0.45. Northeast Community Bancorp Inc. has a 1 year low of $19.75 and a 1 year high of $31.72. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.40.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.82 EPS for the quarter, beating the consensus estimate 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 business had revenue of $25.93 million for the quarter, compared to analysts' expectations of $25.96 million. On average, equities research analysts expect that Northeast Community Bancorp Inc. will post 3.04 earnings per share for the current fiscal year.

Northeast Community Bancorp Dividend Announcement

The company also recently declared a special dividend, which will be paid on Monday, October 6th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.20 per share. This represents a dividend yield of 350.0%. The ex-dividend date is Monday, September 8th. Northeast Community Bancorp's payout ratio is currently 23.88%.

About Northeast Community Bancorp

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.