Northeast Bancorp (NASDAQ:NBN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Piper Sandler raised Northeast Bancorp’s price target to $151 from $145 and maintained an “overweight” rating, implying 15.71% upside from the prior close.
• Analyst sentiment remains broadly positive, with two Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $143.50.
• Northeast Bancorp reported quarterly EPS of $4.05, exceeding the $3.40 consensus estimate, while revenue of $65.24 million fell short of expectations.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) had its target price lifted by stock analysts at Piper Sandler from $145.00 to $151.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective indicates a potential upside of 15.71% from the stock's previous close.

NBN has been the subject of several other research reports. Wall Street Zen cut Northeast Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. Keefe, Bruyette & Woods raised their price target on shares of Northeast Bancorp from $128.00 to $136.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northeast Bancorp in a research report on Friday. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $143.50.

Northeast Bancorp Price Performance

NASDAQ:NBN traded up $6.33 during trading hours on Monday, hitting $130.50. The company's stock had a trading volume of 51,355 shares, compared to its average volume of 125,240. The stock has a fifty day simple moving average of $128.08 and a 200-day simple moving average of $120.89. The company has a market capitalization of $1.07 billion, a P/E ratio of 10.24 and a beta of 0.58. Northeast Bancorp has a twelve month low of $80.75 and a twelve month high of $142.31. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.13 and a quick ratio of 1.10.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.65. Northeast Bancorp had a return on equity of 19.94% and a net margin of 27.91%.The company had revenue of $65.24 million during the quarter, compared to analysts' expectations of $67.21 million.

Hedge Funds Weigh In On Northeast Bancorp

Several institutional investors have recently made changes to their positions in NBN. Daytona Street Capital LLC purchased a new stake in Northeast Bancorp during the 4th quarter valued at approximately $659,000. Vanguard Group Inc. increased its holdings in shares of Northeast Bancorp by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider's stock valued at $45,157,000 after acquiring an additional 9,926 shares in the last quarter. Pacific Ridge Capital Partners LLC raised its holdings in shares of Northeast Bancorp by 5.2% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 127,330 shares of the financial services provider's stock worth $13,233,000 after purchasing an additional 6,339 shares during the last quarter. UBS Group AG lifted its holdings in shares of Northeast Bancorp by 47.9% in the 4th quarter. UBS Group AG now owns 61,429 shares of the financial services provider's stock valued at $6,384,000 after buying an additional 19,908 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Northeast Bancorp in the 4th quarter valued at $1,215,000.

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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