Raffles Associates LP Invests $1.65 Million in Northeast Community Bancorp Inc. $NECB

Raffles Associates LP purchased a new stake in shares of Northeast Community Bancorp Inc. (NASDAQ:NECB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 59,500 shares of the savings and loans company’s stock, valued at approximately $1,651,000. Northeast Community Bancorp accounts for about 1.3% of Raffles Associates LP’s portfolio, making the stock its 21st biggest holding.

Several other large investors have also made changes to their positions in the company. Jacobs Levy Equity Management Inc. boosted its holdings in Northeast Community Bancorp by 3.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 20,582 shares of the savings and loans company’s stock valued at $423,000 after acquiring an additional 650 shares during the last quarter. Man Group plc raised its holdings in Northeast Community Bancorp by 4.0% during the 3rd quarter. Man Group plc now owns 19,838 shares of the savings and loans company’s stock worth $408,000 after purchasing an additional 767 shares during the last quarter. Harbour Investments Inc. lifted its position in Northeast Community Bancorp by 109.9% during the 4th quarter. Harbour Investments Inc. now owns 1,522 shares of the savings and loans company’s stock valued at $34,000 after purchasing an additional 797 shares during the period. IFP Advisors Inc lifted its position in Northeast Community Bancorp by 78.4% during the 3rd quarter. IFP Advisors Inc now owns 1,821 shares of the savings and loans company’s stock valued at $38,000 after purchasing an additional 800 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Northeast Community Bancorp by 1.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 84,108 shares of the savings and loans company’s stock valued at $1,730,000 after purchasing an additional 935 shares during the period. Institutional investors and hedge funds own 53.25% of the company’s stock.

Insider Buying and Selling at Northeast Community Bancorp

In related news, CFO Donald S. Hom sold 3,000 shares of Northeast Community Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $27.20, for a total transaction of $81,600.00. Following the transaction, the chief financial officer owned 4,714 shares of the company’s stock, valued at $128,220.80. This trade represents a 38.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 7.12% of the stock is owned by corporate insiders.

Northeast Community Bancorp Trading Up 0.2%

NASDAQ NECB opened at $26.37 on Friday. The stock has a 50-day simple moving average of $26.78 and a 200 day simple moving average of $25.14. The company has a market capitalization of $363.11 million, a PE ratio of 8.45 and a beta of 0.36. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53. Northeast Community Bancorp Inc. has a 12 month low of $19.27 and a 12 month high of $28.94.

Northeast Community Bancorp (NASDAQ:NECB) last issued its earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04). Northeast Community Bancorp had a return on equity of 12.00% and a net margin of 27.67%.The company had revenue of $25.29 million for the quarter, compared to the consensus estimate of $25.76 million. Research analysts forecast that Northeast Community Bancorp Inc. will post 3.16 EPS for the current year.

Northeast Community Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Tuesday, July 7th were given a $0.25 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Northeast Community Bancorp’s previous quarterly dividend of $0.20. Northeast Community Bancorp’s dividend payout ratio is 32.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Community Bancorp in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.50.

About Northeast Community Bancorp

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.