Northeast Bancorp (NASDAQ:NBN) Posts Quarterly Earnings Results, Beats Estimates By $0.46 EPS

Key Points

• Northeast Bancorp reported earnings of $3.00 per share, exceeding analysts' expectations of $2.54 by $0.46.
• The company announced a quarterly dividend of $0.01 per share, with a dividend yield of 0.04% and a payout ratio of 0.44%.
• Shares of Northeast Bancorp increased by 1.9% during trading, reaching $97.66, with a market cap of $801.79 million.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) posted its earnings results on Monday. The financial services provider reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.46, Zacks reports. Northeast Bancorp had a net margin of 23.77% and a return on equity of 19.19%. The business had revenue of $62.70 million for the quarter, compared to analyst estimates of $56.50 million.

Northeast Bancorp Trading Down 5.4%

Northeast Bancorp stock traded down $5.38 during trading hours on Friday, reaching $93.79. 72,680 shares of the company's stock traded hands, compared to its average volume of 61,913. The firm has a market capitalization of $769.66 million, a price-to-earnings ratio of 9.30 and a beta of 0.59. The firm's 50 day moving average is $89.69 and its 200-day moving average is $92.07. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.23 and a current ratio of 1.25. Northeast Bancorp has a fifty-two week low of $61.74 and a fifty-two week high of $110.35.

Northeast Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 25th will be given a dividend of $0.01 per share. The ex-dividend date is Thursday, September 25th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Northeast Bancorp's dividend payout ratio is presently 0.40%.

Institutional Trading of Northeast Bancorp

A number of hedge funds have recently modified their holdings of NBN. Goldman Sachs Group Inc. increased its stake in Northeast Bancorp by 12.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 68,362 shares of the financial services provider's stock worth $6,258,000 after purchasing an additional 7,579 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Northeast Bancorp by 61.3% in the first quarter. AQR Capital Management LLC now owns 9,324 shares of the financial services provider's stock valued at $854,000 after buying an additional 3,542 shares in the last quarter. Jane Street Group LLC acquired a new stake in Northeast Bancorp during the 1st quarter valued at $411,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Northeast Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 175 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Northeast Bancorp by 15.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 2,765 shares of the financial services provider's stock valued at $253,000 after purchasing an additional 375 shares during the last quarter.

Northeast Bancorp 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.