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

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

Several other institutional investors have also recently made changes to their positions in the business. Picton Mahoney Asset Management increased its holdings in shares of Northeast Bank by 57.6% during the 4th 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 increased its holdings in Northeast Bank by 5.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,433 shares of the financial services provider's stock valued at $315,000 after buying an additional 186 shares in the last quarter. R Squared Ltd acquired a new position in shares of Northeast Bank in the fourth quarter worth about $41,000. Federated Hermes Inc. raised its position in shares of Northeast Bank by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider's stock worth $143,000 after acquiring an additional 479 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 acquiring an additional 892 shares in the last quarter.

Analysts Set New Price Targets

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

Northeast Bank Stock Performance

Shares of NASDAQ:NBN traded down $1.04 during midday trading on Wednesday, reaching $86.04. 24,964 shares of the company's stock traded hands, compared to its average volume of 43,904. The company has a market cap of $706.04 million, a P/E ratio of 10.02 and a beta of 0.60. The company has a fifty day simple moving average of $88.40 and a two-hundred day simple moving average of $94.76. Northeast Bank has a 1 year low of $54.31 and a 1 year high of $110.35.

Northeast Bank (NASDAQ:NBN - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The financial services provider reported $2.23 EPS for the quarter, missing analysts' consensus estimates of $2.83 by ($0.60). The company had revenue of $52.57 million during the quarter, compared to analysts' expectations of $50.09 million.

Northeast Bank Dividend Announcement

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

Northeast Bank 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.