Persistent Asset Partners Ltd Makes New $1.22 Million Investment in Northeast Bancorp $NBN

Persistent Asset Partners Ltd bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) during the 4th quarter, HoldingsChannel.com reports. The fund bought 11,691 shares of the financial services provider’s stock, valued at approximately $1,215,000.

Several other hedge funds have also recently modified their holdings of the company. Earnest Partners LLC bought a new position in shares of Northeast Bancorp during the 3rd quarter worth approximately $67,225,000. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 9,926 shares in the last quarter. Boston Partners lifted its position in shares of 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 buying an additional 1,029 shares in the last quarter. American Century Companies Inc. lifted its position in shares of 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 buying an additional 17,344 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its position in shares of Northeast Bancorp by 13.5% during the 3rd quarter. Kennedy Capital Management LLC now owns 204,112 shares of the financial services provider’s stock worth $20,444,000 after buying an additional 24,327 shares in the last quarter.

Wall Street Analyst Weigh In

NBN has been the topic of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a report on Monday, May 4th. 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 note on Wednesday, April 29th. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Finally, Piper Sandler started coverage on Northeast Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $133.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Northeast Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $130.50.

Northeast Bancorp Trading Up 1.4%

Northeast Bancorp stock opened at $127.91 on Wednesday. The stock has a market cap of $1.05 billion, a P/E ratio of 10.96 and a beta of 0.58. Northeast Bancorp has a fifty-two week low of $80.45 and a fifty-two week high of $142.31. The firm’s fifty day moving average price is $122.95 and its 200-day moving average price is $114.19. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13.

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

Northeast Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Northeast Bancorp’s dividend payout ratio is presently 0.34%.

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.