Sei Investments Co. Increases Stake in Northeast Bancorp $NBN

Key Points

• Sei Investments increased its Northeast Bancorp stake by 82.5% in the first quarter, bringing its holdings to 35,272 shares worth approximately $3.96 million. Several other institutional investors, including Vanguard and Dimensional Fund Advisors, also increased their positions.
• Northeast Bancorp reported quarterly EPS of $4.05, beating analysts’ $3.40 estimate, although revenue of $65.24 million fell short of the $67.21 million consensus forecast.
• The stock opened at $133.57, near its 52-week high, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $143.50. The company also declared a $0.01 quarterly dividend.

Sei Investments Co. lifted its position in Northeast Bancorp (NASDAQ:NBN - Free Report) by 82.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,272 shares of the financial services provider's stock after acquiring an additional 15,944 shares during the quarter. Sei Investments Co. owned 0.43% of Northeast Bancorp worth $3,964,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NBN. Vanguard Group Inc. increased its position in Northeast Bancorp by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider's stock valued at $45,157,000 after purchasing an additional 9,926 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Northeast Bancorp by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 333,281 shares of the financial services provider's stock worth $37,449,000 after purchasing an additional 11,168 shares during the period. Boston Partners lifted its position in shares of Northeast Bancorp by 0.4% in the 3rd quarter. Boston Partners now owns 271,711 shares of the financial services provider's stock worth $27,018,000 after purchasing an additional 1,029 shares during the period. Ampfield Management L.P. bought a new position in shares of Northeast Bancorp during the first quarter valued at approximately $19,500,000. Finally, GW&K Investment Management LLC boosted its stake in shares of Northeast Bancorp by 7.6% during the fourth quarter. GW&K Investment Management LLC now owns 172,575 shares of the financial services provider's stock valued at $17,936,000 after purchasing an additional 12,224 shares in the last quarter.

Northeast Bancorp Stock Down 0.0%

NASDAQ:NBN opened at $133.57 on Friday. Northeast Bancorp has a fifty-two week low of $80.75 and a fifty-two week high of $142.31. The stock has a market capitalization of $1.10 billion, a P/E ratio of 10.50 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 company's 50-day simple moving average is $128.79 and its 200-day simple moving average is $121.49.

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

Northeast Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Northeast Bancorp's dividend payout ratio is presently 0.31%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NBN shares. Keefe, Bruyette & Woods lifted their price objective on shares of Northeast Bancorp from $128.00 to $136.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Weiss Ratings restated a "buy (b)" rating on shares of Northeast Bancorp in a report on Friday, July 31st. Wall Street Zen downgraded Northeast Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Finally, Piper Sandler lifted their price target on Northeast Bancorp from $145.00 to $151.00 and gave the company an "overweight" rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Northeast Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $143.50.

About Northeast Bancorp

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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