Northeast Bancorp (NASDAQ:NBN) Sets New 1-Year High - Here's Why

Key Points

• Northeast Bancorp reached a new 52-week high share price of $112.00 during trading, closing at $111.73 with a total volume of 32,979 shares.
• The company reported $3.00 EPS for the last quarter, exceeding analysts' expectations by $0.46, and generated $62.70 million in revenue compared to a forecast of $56.50 million.
• A quarterly dividend of $0.01 per share will be distributed on October 9th, following an ex-dividend date of September 25th, reflecting a low annual yield of 0.0%.

Northeast Bancorp (NASDAQ:NBN - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as $112.00 and last traded at $111.73, with a volume of 32979 shares changing hands. The stock had previously closed at $108.65.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Northeast Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $115.00.

Northeast Bancorp Price Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.24. The stock has a market cap of $898.26 million, a price-to-earnings ratio of 10.85 and a beta of 0.63. The company has a 50-day simple moving average of $103.11 and a two-hundred day simple moving average of $92.96.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last posted its earnings results on Monday, July 28th. The financial services provider reported $3.00 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.46. The business had revenue of $62.70 million for the quarter, compared to analyst estimates of $56.50 million. Northeast Bancorp had a return on equity of 18.56% and a net margin of 23.77%.

Northeast Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 25th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Northeast Bancorp's dividend payout ratio is currently 0.40%.

Hedge Funds Weigh In On Northeast Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Northeast Bancorp during the first quarter worth approximately $220,000. American Century Companies Inc. grew its position in shares of Northeast Bancorp by 11.4% during the 1st quarter. American Century Companies Inc. now owns 192,279 shares of the financial services provider's stock valued at $17,601,000 after purchasing an additional 19,741 shares in the last quarter. Millennium Management LLC increased its position in shares of Northeast Bancorp by 38.3% in the fourth quarter. Millennium Management LLC now owns 17,893 shares of the financial services provider's stock worth $1,641,000 after purchasing an additional 4,956 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Northeast Bancorp in the 4th quarter worth approximately $357,000. Finally, GW&K Investment Management LLC increased its stake in Northeast Bancorp by 31.7% in the 1st quarter. GW&K Investment Management LLC now owns 166,672 shares of the financial services provider's stock worth $15,257,000 after purchasing an additional 40,145 shares during the period.

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.