Northeast Bancorp (NASDAQ:NBN) Sees Large Volume Increase – Still a Buy?

Northeast Bancorp (NASDAQ:NBN) saw strong trading volume on Thursday . 86,152 shares traded hands during mid-day trading, a decline of 29% from the previous session’s volume of 121,106 shares.The stock last traded at $125.7330 and had previously closed at $124.66.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Piper Sandler assumed coverage on Northeast Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $133.00 price objective on the stock. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Keefe, Bruyette & Woods upped their price objective on Northeast Bancorp from $120.00 to $128.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $130.50.

Northeast Bancorp Stock Up 0.5%

The business has a 50 day moving average of $123.11 and a 200-day moving average of $114.45. The stock has a market cap of $1.03 billion, a PE ratio of 10.73 and a beta of 0.58. The company has a current ratio of 1.13, a quick ratio of 1.10 and a debt-to-equity ratio of 0.03.

Northeast Bancorp (NASDAQ:NBN) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $3.53 earnings per share (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 the consensus estimate of $61.49 million.

Northeast Bancorp Dividend Announcement

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

Institutional Trading of Northeast Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Earnest Partners LLC acquired a new stake in Northeast Bancorp during the 3rd quarter worth approximately $67,225,000. Vanguard Group Inc. lifted its position in Northeast Bancorp by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider’s stock worth $45,157,000 after acquiring an additional 9,926 shares during the period. Dimensional Fund Advisors LP lifted its position in Northeast Bancorp by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 333,281 shares of the financial services provider’s stock worth $37,449,000 after acquiring an additional 11,168 shares during the period. Boston Partners lifted its position in Northeast Bancorp by 0.4% during the 3rd quarter. Boston Partners now owns 271,711 shares of the financial services provider’s stock worth $27,018,000 after acquiring an additional 1,029 shares during the period. Finally, American Century Companies Inc. lifted its position in Northeast Bancorp by 8.5% during the 3rd quarter. American Century Companies Inc. now owns 220,712 shares of the financial services provider’s stock worth $22,107,000 after acquiring an additional 17,344 shares during the period.

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.