Piper Sandler Initiates Coverage on Northeast Bancorp (NASDAQ:NBN)

Analysts at Piper Sandler began coverage on shares of Northeast Bancorp (NASDAQ:NBN) in a report issued on Monday. The brokerage set an “overweight” rating and a $133.00 price target on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 20.22% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northeast Bancorp in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $117.50.

Northeast Bancorp Trading Up 1.3%

NASDAQ:NBN traded up $1.47 on Monday, reaching $110.64. The company’s stock had a trading volume of 43,613 shares, compared to its average volume of 111,214. Northeast Bancorp has a 12-month low of $78.17 and a 12-month high of $126.25. The stock has a 50 day moving average price of $114.41 and a 200 day moving average price of $103.52. The firm has a market cap of $908.31 million, a price-to-earnings ratio of 10.67 and a beta of 0.58. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.65.

Northeast Bancorp (NASDAQ:NBN) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.09. The business had revenue of $51.77 million during the quarter, compared to analysts’ expectations of $54.83 million. Northeast Bancorp had a return on equity of 17.73% and a net margin of 24.16%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new position in Northeast Bancorp during the 3rd quarter worth $31,000. Caitong International Asset Management Co. Ltd raised its position in Northeast Bancorp by 36,700.0% in 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 purchasing an additional 367 shares in the last quarter. Clearstead Advisors LLC boosted its stake in shares of Northeast Bancorp by 194.0% in 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 period. Quadrant Capital Group LLC boosted its stake in shares of Northeast Bancorp by 1,071.4% in 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 period. Finally, PNC Financial Services Group Inc. acquired a new position in shares of Northeast Bancorp during the third quarter worth about $89,000.

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.