Raymond James Financial Inc. Makes New $294,000 Investment in Northeast Bank (NASDAQ:NBN)

Raymond James Financial Inc. bought a new stake in Northeast Bank (NASDAQ:NBN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,201 shares of the financial services provider's stock, valued at approximately $294,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NBN. Picton Mahoney Asset Management raised its stake in shares of Northeast Bank by 57.6% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 118 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Northeast Bank by 5.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,433 shares of the financial services provider's stock worth $315,000 after buying an additional 186 shares during the period. R Squared Ltd bought a new position in shares of Northeast Bank during the 4th quarter worth approximately $41,000. Federated Hermes Inc. lifted its position in shares of Northeast Bank by 44.4% during the 4th quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider's stock worth $143,000 after buying an additional 479 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Northeast Bank by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,875 shares of the financial services provider's stock worth $1,823,000 after buying an additional 892 shares during the period.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price target on Northeast Bank from $102.00 to $115.00 and gave the company a "market perform" rating in a report on Monday, February 10th.

Northeast Bank Price Performance

Shares of NASDAQ NBN traded down $0.36 during midday trading on Friday, hitting $85.98. The stock had a trading volume of 8,874 shares, compared to its average volume of 43,689. The company's 50-day simple moving average is $88.24 and its 200 day simple moving average is $94.69. The firm has a market cap of $705.51 million, a P/E ratio of 10.02 and a beta of 0.60. Northeast Bank has a fifty-two week low of $54.50 and a fifty-two week high of $110.35.

Northeast Bank (NASDAQ:NBN - Get Free Report) last released its earnings results on Tuesday, April 29th. The financial services provider reported $2.23 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.60). The firm had revenue of $52.57 million during the quarter, compared to the consensus estimate of $50.09 million.

Northeast Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.04 annualized dividend and a yield of 0.05%. Northeast Bank's dividend payout ratio is presently 0.44%.

About Northeast Bank

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.