Basswood Capital Management L.L.C. Takes Position in Northeast Bancorp $NBN

Basswood Capital Management L.L.C. bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 31,107 shares of the financial services provider’s stock, valued at approximately $4,123,000. Basswood Capital Management L.L.C. owned about 0.38% of Northeast Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC raised its holdings in Northeast Bancorp by 105.6% in the 2nd quarter. GAMMA Investing LLC now owns 185 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 95 shares during the period. Arcus Capital Partners LLC lifted its position in Northeast Bancorp by 2.1% during the first quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider’s stock worth $547,000 after acquiring an additional 99 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Northeast Bancorp by 5.2% during the second quarter. Jump Financial LLC now owns 3,129 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Northeast Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock worth $381,000 after acquiring an additional 175 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Northeast Bancorp by 8.0% in the first quarter. Cetera Investment Advisers now owns 2,475 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 184 shares during the last quarter.

Northeast Bancorp Price Performance

Shares of Northeast Bancorp stock opened at $129.86 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.13 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 10.21 and a beta of 0.58. Northeast Bancorp has a twelve month low of $80.75 and a twelve month high of $142.31. The company has a 50-day simple moving average of $131.11 and a two-hundred day simple moving average of $123.01.

Northeast Bancorp (NASDAQ:NBN) last announced its earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $67.21 million.

Northeast Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date was Monday, August 10th. Northeast Bancorp’s payout ratio is 0.31%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NBN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Bancorp in a research note on Friday, July 31st. Piper Sandler boosted their price target on Northeast Bancorp from $145.00 to $151.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods boosted their price target on Northeast Bancorp from $128.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen lowered Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Northeast Bancorp currently has a consensus rating of “Moderate Buy” and an average 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.