Northeast Bancorp (NASDAQ:NBN) Sees Unusually-High Trading Volume – Here’s What Happened

Northeast Bancorp (NASDAQ:NBN) shares saw strong trading volume on Wednesday . 69,957 shares changed hands during mid-day trading, a decline of 41% from the previous session’s volume of 119,199 shares.The stock last traded at $128.8830 and had previously closed at $124.32.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Bancorp in a research note on Monday, May 4th. Piper Sandler started coverage on Northeast Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $133.00 price target for the company. Wall Street Zen cut Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Northeast Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.50.

Northeast Bancorp Trading Up 2.2%

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 firm has a market cap of $1.04 billion, a price-to-earnings ratio of 10.89 and a beta of 0.58. The business’s fifty day moving average is $121.56 and its two-hundred day moving average is $112.69.

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

Northeast Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend was Tuesday, May 12th. Northeast Bancorp’s dividend payout ratio (DPR) is 0.34%.

Institutional Investors Weigh In On Northeast Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arcus Capital Partners LLC increased its stake in shares of Northeast Bancorp by 2.1% in the 1st quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider’s stock valued at $547,000 after buying an additional 99 shares during the period. Quantbot Technologies LP increased its stake in shares of Northeast Bancorp by 6.3% in the 3rd quarter. Quantbot Technologies LP now owns 2,397 shares of the financial services provider’s stock valued at $240,000 after buying an additional 142 shares during the period. Jump Financial LLC increased its stake in shares of Northeast Bancorp by 5.2% in the 2nd quarter. Jump Financial LLC now owns 3,129 shares of the financial services provider’s stock valued at $278,000 after buying an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Northeast Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock valued at $381,000 after buying an additional 175 shares during the period. Finally, Alps Advisors Inc. increased its stake in shares of Northeast Bancorp by 4.4% in the 3rd quarter. Alps Advisors Inc. now owns 4,134 shares of the financial services provider’s stock valued at $414,000 after buying an additional 176 shares during the period.

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.