Northeast Bancorp (NASDAQ:NBN) Price Target Raised to $128.00

Key Points

• Analyst updates: Keefe, Bruyette & Woods raised its price target on Northeast Bancorp to $128 (from $120) with a "market perform" rating, while Piper Sandler initiated coverage with an overweight rating and a $133 target; the consensus price target is $130.50 with a "Moderate Buy" average (two Buys, one Hold).
• Recent results and stock metrics: NBN beat expectations with Q EPS of $3.53 vs. $3.00 and revenue of $66.62M vs. $61.49M; shares traded at $124.91 mid-day, market cap ~$1.03B, P/E 10.77, and a 52-week range of $79.05–$135.62.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) had its price target upped by stock analysts at Keefe, Bruyette & Woods from $120.00 to $128.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 2.47% from the company's current price.

Separately, Piper Sandler started coverage on Northeast Bancorp in a research note on Monday, March 16th. They issued an "overweight" rating and a $133.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $130.50.

Northeast Bancorp Price Performance

Shares of NBN traded down $4.29 during midday trading on Wednesday, hitting $124.91. 89,860 shares of the company traded hands, compared to its average volume of 114,686. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 10.77 and a beta of 0.58. The firm has a 50 day moving average of $114.93 and a 200-day moving average of $106.13. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.24 and a current ratio of 1.27. Northeast Bancorp has a 52 week low of $79.05 and a 52 week high of $135.62.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last issued its earnings results on Monday, April 27th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.53. The firm had revenue of $66.62 million for the quarter, compared to analysts' expectations of $61.49 million. Northeast Bancorp had a return on equity of 19.11% and a net margin of 25.96%.

Hedge Funds Weigh In On Northeast Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of NBN. OP Asset Management Ltd bought a new position in shares of Northeast Bancorp during the 1st quarter valued at approximately $33,000. State of Alaska Department of Revenue purchased a new position in Northeast Bancorp during the third quarter worth $31,000. Caitong International Asset Management Co. Ltd boosted its stake in Northeast Bancorp by 36,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider's stock worth $38,000 after buying an additional 367 shares during the period. Clearstead Advisors LLC increased its position in Northeast Bancorp by 194.0% during the fourth quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider's stock valued at $77,000 after acquiring an additional 489 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in Northeast Bancorp by 1,071.4% during the fourth quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider's stock valued at $85,000 after acquiring an additional 750 shares during the last quarter.

Northeast Bancorp Company Profile

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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