Northeast Bancorp (NASDAQ:NBN) Sees Large Volume Increase – Still a Buy?

Northeast Bancorp (NASDAQ:NBN) shares saw unusually-strong trading volume on Thursday . Approximately 86,152 shares traded hands during trading, a decline of 29% from the previous session’s volume of 121,106 shares.The stock last traded at $125.7330 and had previously closed at $124.66.

Analyst Ratings Changes

NBN has been the subject of several recent analyst reports. Wall Street Zen cut Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Piper Sandler initiated coverage on Northeast Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $133.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods raised their price target on Northeast Bancorp from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.50.

Northeast Bancorp Stock Up 0.5%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. The firm has a fifty day moving average price of $123.11 and a 200 day moving average price of $114.45. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 10.73 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings data on Monday, April 27th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.53. The firm had revenue of $66.62 million during the quarter, compared to analysts’ expectations of $61.49 million. Northeast Bancorp had a return on equity of 18.63% and a net margin of 25.96%.

Northeast Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.04 annualized dividend and a yield of 0.0%. Northeast Bancorp’s payout ratio is currently 0.34%.

Hedge Funds Weigh In On Northeast Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. OP Asset Management Ltd acquired a new position in Northeast Bancorp during the first quarter worth $33,000. Caitong International Asset Management Co. Ltd raised its holdings in Northeast Bancorp by 36,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 367 shares during the last quarter. Clearstead Advisors LLC raised its holdings in Northeast Bancorp by 194.0% during the fourth quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 489 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Northeast Bancorp by 1,071.4% during the fourth quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock worth $85,000 after purchasing an additional 750 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new position in Northeast Bancorp during the third quarter worth $89,000.

About Northeast Bancorp

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.