Virtus Advisers LLC Acquires Shares of 5,252 Northeast Bancorp $NBN

Virtus Advisers LLC bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 5,252 shares of the financial services provider’s stock, valued at approximately $696,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Northeast Bancorp in the 2nd quarter worth about $83,160,000. Deutsche Bank AG purchased a new stake in Northeast Bancorp in the 2nd quarter valued at about $1,018,000. Bank of New York Mellon Corp purchased a new stake in Northeast Bancorp in the 2nd quarter valued at about $4,747,000. GSA Capital Partners LLP bought a new position in Northeast Bancorp in the 2nd quarter worth about $202,000. Finally, Rockland Trust Co. bought a new position in Northeast Bancorp in the 2nd quarter worth about $203,000.

Analysts Set New Price Targets

Several research firms have recently weighed in on NBN. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a research note on Friday, July 31st. Piper Sandler increased their price objective on Northeast Bancorp from $145.00 to $151.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Finally, Keefe, Bruyette & Woods lifted their target price on Northeast Bancorp from $128.00 to $136.00 and gave the company 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 given 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 Trading Down 0.6%

NASDAQ:NBN opened at $128.56 on Friday. The firm has a 50-day simple moving average of $130.94 and a 200-day simple moving average of $122.78. Northeast Bancorp has a one year low of $80.75 and a one year high of $142.31. The firm has a market cap of $1.05 billion, a P/E ratio of 10.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13.

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

Northeast Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 10th. Northeast Bancorp’s dividend payout ratio (DPR) is 0.31%.

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.