Virtus Advisers LLC Invests $696,000 in Northeast Bancorp $NBN

Virtus Advisers LLC acquired a new stake in shares of Northeast Bancorp (NASDAQ:NBN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 5,252 shares of the financial services provider’s stock, valued at approximately $696,000. Virtus Advisers LLC owned 0.06% of Northeast Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in Northeast Bancorp by 61.3% in the 1st quarter. AQR Capital Management LLC now owns 9,324 shares of the financial services provider’s stock worth $854,000 after purchasing an additional 3,542 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Northeast Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 175 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its position in Northeast Bancorp by 15.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 2,765 shares of the financial services provider’s stock valued at $253,000 after purchasing an additional 375 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Northeast Bancorp by 12.5% during the first quarter. Goldman Sachs Group Inc. now owns 68,362 shares of the financial services provider’s stock valued at $6,258,000 after purchasing an additional 7,579 shares during the period. Finally, Jane Street Group LLC bought a new stake in Northeast Bancorp during the first quarter valued at about $411,000.

Northeast Bancorp Trading Down 0.6%

Shares of Northeast Bancorp stock opened at $128.56 on Friday. The company has a market capitalization of $1.05 billion, a P/E ratio of 10.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. The company has a fifty day moving average of $130.94 and a 200 day moving average of $122.78. Northeast Bancorp has a fifty-two week low of $80.75 and a fifty-two week high of $142.31.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.65. Northeast Bancorp had a return on equity of 19.94% and a net margin of 27.91%.The business had revenue of $65.24 million during the quarter, compared to analyst estimates of $67.21 million.

Northeast Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend is Monday, August 10th. Northeast Bancorp’s dividend payout ratio (DPR) is 0.31%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NBN shares. Piper Sandler upped their price target on Northeast Bancorp from $145.00 to $151.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Wall Street Zen cut Northeast Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Keefe, Bruyette & Woods boosted their price objective on Northeast Bancorp from $128.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.50.

Northeast Bancorp Company Profile

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.