Northeast Bancorp (NASDAQ:NBN) Sees Large Volume Increase – Here’s What Happened

Northeast Bancorp (NASDAQ:NBN) shares saw unusually-high trading volume on Wednesday . Approximately 139,485 shares changed hands during trading, an increase of 21% from the previous session’s volume of 114,855 shares.The stock last traded at $127.0610 and had previously closed at $126.64.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a research note on Monday, May 4th. Piper Sandler assumed coverage on shares of Northeast Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $133.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price target on shares of Northeast Bancorp from $120.00 to $128.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.50.

Northeast Bancorp Trading Down 1.1%

The business’s 50 day moving average is $118.84 and its two-hundred day moving average is $110.02. 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 capitalization of $1.03 billion, a P/E ratio of 10.73 and a beta of 0.59.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings data 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. Northeast Bancorp had a net margin of 25.96% and a return on equity of 18.63%. The business had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $61.49 million.

Northeast Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date was Tuesday, May 12th. Northeast Bancorp’s payout ratio is currently 0.34%.

Institutional Investors Weigh In On Northeast Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of NBN. OP Asset Management Ltd bought a new stake in Northeast Bancorp in the first quarter worth about $33,000. Caitong International Asset Management Co. Ltd raised its position in Northeast Bancorp by 36,700.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 367 shares in the last quarter. Clearstead Advisors LLC raised its position in Northeast Bancorp by 194.0% in the fourth quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 489 shares in the last quarter. Quadrant Capital Group LLC raised its position in Northeast Bancorp by 1,071.4% in the fourth quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 750 shares in the last quarter. Finally, PNC Financial Services Group Inc. bought a new stake in Northeast Bancorp in the third quarter worth about $89,000.

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.