Northeast Bancorp (NASDAQ:NBN) Sees Large Volume Increase – Here’s What Happened

Shares of Northeast Bancorp (NASDAQ:NBN) saw strong trading volume on Wednesday . 139,485 shares were traded during trading, an increase of 21% from the previous session’s volume of 114,855 shares.The stock last traded at $127.0610 and had previously closed at $126.64.

Analyst Ratings Changes

NBN has been the topic of a number of recent research reports. Wall Street Zen lowered Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday. Keefe, Bruyette & Woods raised their price objective on Northeast Bancorp from $120.00 to $128.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Bancorp in a research note on Monday, May 4th. Finally, Piper Sandler initiated coverage on Northeast Bancorp in a research note on Monday, March 16th. They set 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $130.50.

Northeast Bancorp Stock Performance

The company has a 50 day moving average price of $118.84 and a 200-day moving average price of $110.02. The company has a current ratio of 1.13, a quick ratio of 1.10 and a debt-to-equity ratio of 0.03. The company has a market cap of $1.03 billion, a P/E ratio of 10.73 and a beta of 0.59.

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

Northeast Bancorp Dividend Announcement

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

Institutional Trading of Northeast Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBN. Arcus Capital Partners LLC boosted its stake in shares of Northeast Bancorp by 2.1% in the 1st quarter. Arcus Capital Partners LLC now owns 4,868 shares of the financial services provider’s stock worth $547,000 after buying an additional 99 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Northeast Bancorp by 6.3% in the 3rd quarter. Quantbot Technologies LP now owns 2,397 shares of the financial services provider’s stock worth $240,000 after buying an additional 142 shares during the last quarter. Jump Financial LLC lifted its position in shares of Northeast Bancorp by 5.2% in the 2nd quarter. Jump Financial LLC now owns 3,129 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Northeast Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 175 shares during the period. Finally, Alps Advisors Inc. lifted its position in shares of Northeast Bancorp by 4.4% in the 3rd quarter. Alps Advisors Inc. now owns 4,134 shares of the financial services provider’s stock worth $414,000 after purchasing an additional 176 shares during the period.

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.