Northeast Bancorp (NASDAQ:NBN) Stock Price Up 7.8% Following 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%.

Northeast Bancorp (NASDAQ:NBN - Get Free Report) rose 7.8% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $104.75 and last traded at $105.25. Approximately 94,934 shares changed hands during mid-day trading, an increase of 57% from the average daily volume of 60,315 shares. The stock had previously closed at $97.66.

The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.54 by $0.46. Northeast Bancorp had a net margin of 23.77% and a return on equity of 19.19%. The firm had revenue of $62.70 million during the quarter, compared to analyst estimates of $56.50 million.

Northeast Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 25th will be given a dividend of $0.01 per share. 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 presently 0.40%.

Institutional Investors Weigh In On Northeast Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC increased its holdings in Northeast Bancorp by 136.8% in the 1st quarter. CWM LLC now owns 438 shares of the financial services provider's stock worth $40,000 after acquiring an additional 253 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Northeast Bancorp in the 4th quarter worth approximately $127,000. KLP Kapitalforvaltning AS bought a new position in Northeast Bancorp in the 4th quarter worth approximately $128,000. Federated Hermes Inc. boosted its stake in Northeast Bancorp by 44.4% in the 4th quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider's stock worth $143,000 after purchasing an additional 479 shares during the period. Finally, Comerica Bank bought a new position in Northeast Bancorp in the 4th quarter worth approximately $192,000.

Northeast Bancorp Stock Down 6.2%

The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $763.53 million, a P/E ratio of 9.23 and a beta of 0.58. The company has a 50 day simple moving average of $89.92 and a two-hundred day simple moving average of $92.05.

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.