Northeast Bancorp (NASDAQ:NBN) Shares Gap Up – Here’s Why

Northeast Bancorp (NASDAQ:NBN)’s share price gapped up prior to trading on Friday . The stock had previously closed at $100.72, but opened at $108.99. Northeast Bancorp shares last traded at $109.45, with a volume of 21,502 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NBN. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northeast Bancorp in a research note on Monday. Wall Street Zen cut shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Northeast Bancorp from $107.00 to $102.00 and set a “market perform” rating on the stock in a research note on Thursday, October 30th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.00.

Northeast Bancorp Stock Performance

The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average is $90.82 and its two-hundred day moving average is $95.28. The firm has a market capitalization of $896.14 million, a price-to-earnings ratio of 10.26 and a beta of 0.55.

Northeast Bancorp (NASDAQ:NBN) last announced its quarterly earnings results 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 firm had revenue of $52.88 million during the quarter, compared to analyst estimates of $57.43 million. Northeast Bancorp had a net margin of 24.36% and a return on equity of 18.52%.

Northeast Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were issued a dividend of $0.01 per share. The ex-dividend date was Monday, November 10th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. Northeast Bancorp’s dividend payout ratio (DPR) is presently 0.38%.

Institutional Trading of Northeast Bancorp

A number of hedge funds have recently made changes to their positions in the business. Earnest Partners LLC acquired a new position in shares of Northeast Bancorp during the 3rd quarter worth approximately $67,225,000. Hotchkis & Wiley Capital Management LLC boosted its position in Northeast Bancorp by 237.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 125,851 shares of the financial services provider’s stock worth $12,605,000 after purchasing an additional 88,592 shares during the period. Nuveen LLC acquired a new position in shares of Northeast Bancorp in the first quarter valued at $8,089,000. CSM Advisors LLC acquired a new position in shares of Northeast Bancorp in the second quarter valued at $6,344,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Northeast Bancorp in the third quarter valued at about $4,077,000.

About Northeast Bancorp

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.