Squarepoint Ops LLC Grows Stake in Northeast Bancorp $NBN

Key Points

• Squarepoint Ops LLC increased its Northeast Bancorp stake by 335.6% in the second quarter, purchasing 25,489 additional shares to hold 33,084 shares worth approximately $4.4 million.
• Northeast Bancorp reported quarterly earnings of $4.05 per share, beating analysts’ $3.40 estimate, although revenue of $65.24 million fell short of the $67.21 million consensus forecast.
• NBN shares recently traded at $132.64, while analysts maintained a “Moderate Buy” consensus with an average price target of $143.50; the company also paid a $0.01 quarterly dividend.

Squarepoint Ops LLC raised its position in shares of Northeast Bancorp (NASDAQ:NBN - Free Report) by 335.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,084 shares of the financial services provider's stock after purchasing an additional 25,489 shares during the period. Squarepoint Ops LLC owned about 0.40% of Northeast Bancorp worth $4,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew 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 buying an additional 95 shares in the last quarter. Arcus Capital Partners LLC raised its holdings in shares of Northeast Bancorp by 2.1% in the first quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider's stock valued at $547,000 after acquiring an additional 99 shares in the last quarter. Jump Financial LLC raised its holdings 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 stake in Northeast Bancorp by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider's stock worth $381,000 after acquiring an additional 175 shares during the period. Finally, Cetera Investment Advisers lifted its stake in Northeast Bancorp by 8.0% in the first quarter. Cetera Investment Advisers now owns 2,475 shares of the financial services provider's stock worth $278,000 after acquiring an additional 184 shares during the period.

Northeast Bancorp Trading Up 1.1%

NBN opened at $132.64 on Friday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 10.43 and a beta of 0.58. The company has a current ratio of 1.35, a quick ratio of 1.10 and a debt-to-equity ratio of 1.42. Northeast Bancorp has a 12 month low of $80.75 and a 12 month high of $142.31. The stock has a fifty day moving average price of $130.86 and a 200-day moving average price of $123.79.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, topping analysts' consensus estimates of $3.40 by $0.65. Northeast Bancorp had a return on equity of 19.35% and a net margin of 27.91%.The firm had revenue of $65.24 million during 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 given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Monday, August 10th. Northeast Bancorp's dividend payout ratio is presently 0.31%.

Analyst Ratings Changes

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

About Northeast Bancorp

Northeast Bancorp is a bank holding company headquartered in Lewiston, Maine. Its principal subsidiary, Northeast Bank, provides a range of banking and financial services to individuals, families, businesses and community organizations.

Through its Community Banking segment, Northeast Bank offers deposit accounts, commercial and residential real estate loans, consumer loans, commercial loans and other traditional banking products. The bank serves customers through a branch network in Maine, with operations focused primarily on communities in the state.

Northeast Bank also operates a national Small Business Administration lending business.

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