Northeast Bancorp (NASDAQ:NBN) Raised to “Buy” at Wall Street Zen

Northeast Bancorp (NASDAQ:NBN) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other analysts have also recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday, May 4th. Piper Sandler initiated coverage on Northeast Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $133.00 price target on the stock. Finally, Keefe, Bruyette & Woods upped their price objective on Northeast Bancorp from $120.00 to $128.00 and gave the company a “market perform” rating in a research report 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. Based on data from MarketBeat, Northeast Bancorp presently has an average rating of “Moderate Buy” and an average price target of $130.50.

Northeast Bancorp Stock Performance

Shares of NBN opened at $115.18 on Friday. 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 business’s 50 day moving average price is $116.86 and its 200-day moving average price is $108.36. Northeast Bancorp has a 52 week low of $79.05 and a 52 week high of $135.62. The stock has a market cap of $945.63 million, a P/E ratio of 9.87 and a beta of 0.59.

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

Hedge Funds Weigh In On Northeast Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBN. State of Alaska Department of Revenue purchased a new stake in Northeast Bancorp during the 3rd quarter valued at $31,000. OP Asset Management Ltd purchased a new stake in Northeast Bancorp during the 1st quarter valued at $33,000. Caitong International Asset Management Co. Ltd raised its stake in Northeast Bancorp by 36,700.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock valued at $38,000 after buying an additional 367 shares during the last quarter. Clearstead Advisors LLC raised its stake in Northeast Bancorp by 194.0% during the 4th quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock valued at $77,000 after buying an additional 489 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Northeast Bancorp by 1,071.4% during the 4th quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock valued at $85,000 after buying an additional 750 shares during the last quarter.

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.