Western Standard LLC Boosts Stock Position in Northeast Bank (NASDAQ:NBN)

Western Standard LLC raised its holdings in Northeast Bank (NASDAQ:NBN - Free Report) by 31.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,858 shares of the financial services provider's stock after purchasing an additional 10,742 shares during the quarter. Northeast Bank accounts for 2.7% of Western Standard LLC's investment portfolio, making the stock its 15th largest position. Western Standard LLC owned approximately 0.55% of Northeast Bank worth $4,115,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Royce & Associates LP purchased a new position in shares of Northeast Bank during the 4th quarter valued at $4,820,000. Raymond James Financial Inc. purchased a new stake in Northeast Bank in the 4th quarter worth about $294,000. SG Americas Securities LLC raised its stake in Northeast Bank by 151.9% in the 4th quarter. SG Americas Securities LLC now owns 6,031 shares of the financial services provider's stock valued at $553,000 after acquiring an additional 3,637 shares during the period. JPMorgan Chase & Co. lifted its holdings in Northeast Bank by 136.3% during the third quarter. JPMorgan Chase & Co. now owns 27,699 shares of the financial services provider's stock valued at $2,136,000 after purchasing an additional 15,975 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Northeast Bank by 17.2% during the fourth quarter. Invesco Ltd. now owns 98,324 shares of the financial services provider's stock worth $9,019,000 after purchasing an additional 14,427 shares during the period.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Northeast Bank from $102.00 to $115.00 and gave the company a "market perform" rating in a research note on Monday, February 10th.

Northeast Bank Trading Up 0.2%

NBN opened at $85.54 on Tuesday. The stock has a market capitalization of $701.94 million, a P/E ratio of 9.96 and a beta of 0.60. The stock has a 50-day moving average price of $88.02 and a 200-day moving average price of $94.72. Northeast Bank has a 12-month low of $54.50 and a 12-month high of $110.35.

Northeast Bank (NASDAQ:NBN - Get Free Report) last posted 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 business had revenue of $52.57 million for the quarter, compared to analyst estimates of $50.09 million.

Northeast Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date of this dividend is Tuesday, May 13th. Northeast Bank's payout ratio is 0.44%.

Northeast Bank Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.