Summit Global Investments Has $213,000 Stock Holdings in Northeast Bancorp $NBN

Summit Global Investments lowered its position in shares of Northeast Bancorp (NASDAQ:NBN) by 72.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,392 shares of the financial services provider’s stock after selling 6,260 shares during the quarter. Summit Global Investments’ holdings in Northeast Bancorp were worth $213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Northeast Bancorp by 136.8% in the 1st quarter. CWM LLC now owns 438 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 253 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in Northeast Bancorp by 19.4% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 1,717 shares of the financial services provider’s stock valued at $153,000 after purchasing an additional 279 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in Northeast Bancorp in the second quarter worth $208,000. AXQ Capital LP bought a new stake in shares of Northeast Bancorp during the second quarter worth $215,000. Finally, Arcus Capital Partners LLC acquired a new stake in shares of Northeast Bancorp in the second quarter valued at $226,000.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen cut Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Northeast Bancorp from $107.00 to $102.00 and set a “market perform” rating on the stock in a research report on Thursday, October 30th. One analyst has rated the stock with a Buy rating and one has issued 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 $102.00.

Northeast Bancorp Stock Performance

Shares of Northeast Bancorp stock opened at $88.19 on Thursday. The firm has a fifty day moving average of $92.72 and a two-hundred day moving average of $94.14. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.23 and a current ratio of 1.24. The stock has a market capitalization of $723.69 million, a price-to-earnings ratio of 8.29 and a beta of 0.60. Northeast Bancorp has a 52 week low of $78.17 and a 52 week high of $113.01.

Northeast Bancorp (NASDAQ:NBN) last announced its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.01). The company had revenue of $52.88 million for the quarter, compared to analyst estimates of $57.43 million. Northeast Bancorp had a return on equity of 18.97% and a net margin of 24.36%.

Northeast Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, November 11th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Northeast Bancorp’s dividend payout ratio is 0.38%.

Northeast Bancorp Company Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.