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

Key Points

• Northeast Bancorp (NBN) hit a new 52-week high Friday, trading as high as $126.50 and last at $125.55—about a 2.6% gain from the prior close of $120.96 on volume of 26,832 shares.
• Analysts are broadly positive: Weiss Ratings reiterated a "buy (b-)" and Piper Sandler initiated coverage with an "overweight" rating and a $133 price target, while the consensus from three analysts is a Moderate Buy with an average target of $117.50.
• On fundamentals, NBN has a $1.02 billion market cap and a PE of 11.97; it reported quarterly EPS of $2.47 (beating estimates by $0.09) but revenue of $51.77M (below expectations), with a 24.16% net margin and 17.34% ROE.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $126.50 and last traded at $125.5480, with a volume of 26832 shares changing hands. The stock had previously closed at $120.96.

Analysts Set New Price Targets

NBN has been the subject of a number of analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Northeast Bancorp in a report on Monday, December 29th. Piper Sandler began coverage on shares of Northeast Bancorp in a report on Monday, March 16th. They set an "overweight" rating and a $133.00 price target on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Northeast Bancorp presently has an average rating of "Moderate Buy" and an average price target of $117.50.

Northeast Bancorp Trading Up 2.6%

The firm has a market capitalization of $1.02 billion, a PE ratio of 11.97 and a beta of 0.58. The firm's fifty day moving average is $114.67 and its two-hundred day moving average is $104.48. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.27 and a quick ratio of 1.24.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.09. Northeast Bancorp had a net margin of 24.16% and a return on equity of 17.34%. The business had revenue of $51.77 million for the quarter, compared to analysts' expectations of $54.83 million.

Northeast Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th were given a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $0.04 annualized dividend and a yield of 0.0%. Northeast Bancorp's payout ratio is currently 0.39%.

Institutional Investors Weigh In On Northeast Bancorp

Several large investors have recently modified their holdings of NBN. State of Alaska Department of Revenue purchased a new stake in shares of Northeast Bancorp during the 3rd quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Northeast Bancorp by 36,700.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider's stock worth $38,000 after purchasing an additional 367 shares during the last quarter. Clearstead Advisors LLC increased its stake in shares of Northeast Bancorp by 194.0% during the 4th quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider's stock worth $77,000 after purchasing an additional 489 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of Northeast Bancorp by 1,071.4% during the 4th quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider's stock worth $85,000 after purchasing an additional 750 shares during the last quarter. Finally, PNC Financial Services Group Inc. purchased a new stake in shares of Northeast Bancorp during the 3rd quarter worth approximately $89,000.

About Northeast Bancorp

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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