Renaissance Technologies LLC Sells 18,500 Shares of Northeast Bancorp $NBN

Renaissance Technologies LLC decreased its holdings in Northeast Bancorp (NASDAQ:NBN) by 26.9% during the first quarter, HoldingsChannel.com reports. The firm owned 50,245 shares of the financial services provider’s stock after selling 18,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Northeast Bancorp were worth $5,646,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. OP Asset Management Ltd purchased a new stake in shares of Northeast Bancorp during the first quarter valued at $33,000. Caitong International Asset Management Co. Ltd increased its stake in Northeast Bancorp by 36,700.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock worth $38,000 after buying an additional 367 shares during the period. Clearstead Advisors LLC increased its stake in Northeast Bancorp by 194.0% in the 4th quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after buying an additional 489 shares during the period. Quadrant Capital Group LLC lifted its holdings in Northeast Bancorp by 1,071.4% during the 4th quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock valued at $85,000 after buying an additional 750 shares in the last quarter. Finally, Cache Advisors LLC bought a new stake in Northeast Bancorp during the 1st quarter valued at about $149,000.

Northeast Bancorp Trading Down 1.3%

NASDAQ NBN opened at $133.62 on Thursday. Northeast Bancorp has a one year low of $80.75 and a one year high of $142.31. 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 company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 10.50 and a beta of 0.58. The company’s 50-day simple moving average is $128.60 and its two-hundred day simple moving average is $121.35.

Northeast Bancorp (NASDAQ:NBN) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.65. Northeast Bancorp had a net margin of 27.91% and a return on equity of 19.94%. The firm had revenue of $65.24 million during the quarter, compared to analysts’ expectations of $67.21 million.

Northeast Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Northeast Bancorp’s payout ratio is 0.31%.

Analysts Set New Price Targets

NBN has been the subject of several research reports. Wall Street Zen cut shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Keefe, Bruyette & Woods raised their target price on shares of Northeast Bancorp from $128.00 to $136.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a research note on Friday, July 31st. Finally, Piper Sandler boosted their price target on Northeast Bancorp from $145.00 to $151.00 and gave the company an “overweight” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Northeast Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $143.50.

Northeast Bancorp Company 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.