Punch & Associates Investment Management Inc. Makes New $1.85 Million Investment in Northeast Bancorp $NBN

Punch & Associates Investment Management Inc. bought a new stake in shares of Northeast Bancorp (NASDAQ:NBN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,000 shares of the financial services provider’s stock, valued at approximately $1,855,000. Punch & Associates Investment Management Inc. owned approximately 0.17% of Northeast Bancorp as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NBN. Quantinno Capital Management LP lifted its position in shares of Northeast Bancorp by 116.3% during the first quarter. Quantinno Capital Management LP now owns 28,071 shares of the financial services provider’s stock valued at $3,154,000 after buying an additional 15,096 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Northeast Bancorp by 5.2% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 127,330 shares of the financial services provider’s stock worth $13,233,000 after buying an additional 6,339 shares during the last quarter. Globeflex Capital L P bought a new position in shares of Northeast Bancorp during the 2nd quarter worth approximately $4,683,000. Vanguard Group Inc. lifted its position in Northeast Bancorp by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider’s stock valued at $45,157,000 after acquiring an additional 9,926 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Northeast Bancorp by 82.5% during the first quarter. Sei Investments Co. now owns 35,272 shares of the financial services provider’s stock valued at $3,964,000 after acquiring an additional 15,944 shares during the last quarter.

Northeast Bancorp Stock Performance

Shares of NBN opened at $129.86 on Thursday. The stock has a 50-day moving average of $131.11 and a two-hundred day moving average of $123.01. 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 stock has a market cap of $1.07 billion, a P/E ratio of 10.21 and a beta of 0.58.

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

Northeast Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NBN shares. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Bancorp in a research note on Friday, July 31st. Wall Street Zen lowered Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Piper Sandler increased their price objective on shares of Northeast Bancorp from $145.00 to $151.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods boosted 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. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Northeast Bancorp currently has an average rating of “Moderate Buy” and an average price target of $143.50.

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.