SummerHaven Investment Management LLC Invests $878,000 in Northeast Bancorp $NBN

SummerHaven Investment Management LLC bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,766 shares of the financial services provider’s stock, valued at approximately $878,000. SummerHaven Investment Management LLC owned 0.11% of Northeast Bancorp at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Boston Partners grew its holdings in Northeast Bancorp by 1.5% in the 2nd quarter. Boston Partners now owns 270,682 shares of the financial services provider’s stock valued at $24,417,000 after buying an additional 4,018 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Northeast Bancorp by 5.8% in the second quarter. American Century Companies Inc. now owns 203,368 shares of the financial services provider’s stock valued at $18,098,000 after acquiring an additional 11,089 shares in the last quarter. Kennedy Capital Management LLC increased its position in Northeast Bancorp by 17.6% during the second quarter. Kennedy Capital Management LLC now owns 179,785 shares of the financial services provider’s stock worth $15,999,000 after acquiring an additional 26,862 shares during the period. Geode Capital Management LLC raised its stake in Northeast Bancorp by 8.6% in the 2nd quarter. Geode Capital Management LLC now owns 179,131 shares of the financial services provider’s stock worth $15,942,000 after purchasing an additional 14,118 shares in the last quarter. Finally, CSM Advisors LLC acquired a new stake in Northeast Bancorp in the 2nd quarter worth about $6,344,000.

Analyst Upgrades and Downgrades

NBN has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their target price on shares of Northeast Bancorp from $107.00 to $102.00 and set a “market perform” rating on the stock in a report on Thursday, October 30th. Wall Street Zen lowered Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northeast Bancorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Northeast Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $102.00.

Northeast Bancorp Stock Performance

NASDAQ:NBN opened at $110.04 on Wednesday. Northeast Bancorp has a twelve month low of $78.17 and a twelve month high of $121.47. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.65. The stock’s 50-day simple moving average is $102.10 and its 200 day simple moving average is $99.76. The firm has a market capitalization of $903.43 million, a PE ratio of 10.61 and a beta of 0.54.

Northeast Bancorp (NASDAQ:NBN) last issued its earnings results on Monday, January 26th. The financial services provider reported $2.47 EPS for the quarter, topping the consensus estimate of $2.38 by $0.09. Northeast Bancorp had a return on equity of 17.73% and a net margin of 24.16%.The firm had revenue of $51.77 million during the quarter, compared to the consensus estimate of $54.83 million.

Northeast Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 25th. Stockholders of record on Wednesday, February 11th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date is Wednesday, February 11th. Northeast Bancorp’s dividend payout ratio is presently 0.39%.

Northeast Bancorp Profile

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.