Northeast Bancorp (NASDAQ:NBN) Stock Price Up 7.8% After Strong Earnings

Key Points

• Shares of Northeast Bancorp (NASDAQ:NBN) increased by 7.8% following a quarterly earnings report that exceeded analysts' expectations.
• The company reported earnings of $3.00 per share on revenue of $62.70 million, surpassing estimates of $2.54 and $56.50 million, respectively.
• Northeast Bancorp declared a quarterly dividend of $0.01 per share, to be paid on October 9th, representing an annualized yield of 0.04%.

Shares of Northeast Bancorp (NASDAQ:NBN - Get Free Report) shot up 7.8% on Tuesday following a stronger than expected earnings report. The stock traded as high as $104.75 and last traded at $105.25. 94,934 shares traded hands during mid-day trading, an increase of 57% from the average session volume of 60,315 shares. The stock had previously closed at $97.66.

The financial services provider reported $3.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.54 by $0.46. The company had revenue of $62.70 million during the quarter, compared to analysts' expectations of $56.50 million. Northeast Bancorp had a return on equity of 17.46% and a net margin of 22.84%.

Northeast Bancorp Dividend Announcement

The business 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 dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. Northeast Bancorp's dividend payout ratio is currently 0.44%.

Hedge Funds Weigh In On Northeast Bancorp

A number of hedge funds have recently made changes to their positions in NBN. Arcus Capital Partners LLC acquired a new stake in Northeast Bancorp in the second quarter valued at approximately $226,000. KLP Kapitalforvaltning AS grew its stake in Northeast Bancorp by 30.8% in the second quarter. KLP Kapitalforvaltning AS now owns 5,100 shares of the financial services provider's stock valued at $454,000 after acquiring an additional 1,200 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Northeast Bancorp by 12.5% during the first quarter. Goldman Sachs Group Inc. now owns 68,362 shares of the financial services provider's stock valued at $6,258,000 after buying an additional 7,579 shares during the last quarter. Ellsworth Advisors LLC boosted its position in shares of Northeast Bancorp by 1.3% during the first quarter. Ellsworth Advisors LLC now owns 11,608 shares of the financial services provider's stock valued at $1,063,000 after buying an additional 144 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Northeast Bancorp during the first quarter valued at approximately $411,000.

Northeast Bancorp Stock Performance

The company has a market cap of $854.94 million, a PE ratio of 11.59 and a beta of 0.59. The company has a quick ratio of 1.23, a current ratio of 1.25 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average of $88.65 and a 200-day moving average of $91.88.

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.

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