Raffles Associates LP Acquires Shares of 59,500 Northeast Community Bancorp Inc. $NECB

Raffles Associates LP acquired a new stake in Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 59,500 shares of the savings and loans company's stock, valued at approximately $1,651,000. Northeast Community Bancorp accounts for approximately 1.3% of Raffles Associates LP's investment portfolio, making the stock its 21st largest holding. Raffles Associates LP owned approximately 0.43% of Northeast Community Bancorp as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Northeast Community Bancorp during the 2nd quarter worth approximately $35,060,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Northeast Community Bancorp in the second quarter valued at $4,611,000. Millennium Management LLC grew its position in Northeast Community Bancorp by 261.8% in the first quarter. Millennium Management LLC now owns 162,916 shares of the savings and loans company's stock valued at $3,819,000 after acquiring an additional 117,888 shares during the period. Focus Partners Wealth bought a new position in shares of Northeast Community Bancorp during the fourth quarter valued at $1,857,000. Finally, AQR Capital Management LLC bought a new position in shares of Northeast Community Bancorp during the first quarter valued at $1,779,000. 53.25% of the stock is owned by institutional investors and hedge funds.

Northeast Community Bancorp Trading Up 0.2%

NECB stock opened at $26.37 on Friday. The business has a fifty day moving average price of $26.78 and a 200 day moving average price of $25.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. Northeast Community Bancorp Inc. has a fifty-two week low of $19.27 and a fifty-two week high of $28.94. The stock has a market capitalization of $363.11 million, a price-to-earnings ratio of 8.45 and a beta of 0.36.

Northeast Community Bancorp (NASDAQ:NECB - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.04). The business had revenue of $25.29 million during the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a net margin of 27.67% and a return on equity of 12.00%. Analysts expect that Northeast Community Bancorp Inc. will post 3.16 EPS for the current fiscal year.

Northeast Community Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Tuesday, July 7th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, July 7th. This is a positive change from Northeast Community Bancorp's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. Northeast Community Bancorp's dividend payout ratio (DPR) is currently 32.05%.

Insider Activity

In other news, CFO Donald S. Hom sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $27.20, for a total transaction of $81,600.00. Following the sale, the chief financial officer directly owned 4,714 shares of the company's stock, valued at $128,220.80. This represents a 38.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.12% of the company's stock.

Analysts Set New Price Targets

NECB has been the topic of several analyst reports. Piper Sandler upped their target price on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a "neutral" rating in a report on Friday, June 26th. Weiss Ratings reissued a "buy (b)" rating on shares of Northeast Community Bancorp in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.

Northeast Community Bancorp Company Profile

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.

Want to see what other hedge funds are holding NECB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northeast Community Bancorp Inc. (NASDAQ:NECB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source