Raffles Associates LP Acquires Shares of 59,500 Northeast Community Bancorp Inc. $NECB

Raffles Associates LP acquired a new stake in Northeast Community Bancorp Inc. (NASDAQ:NECB) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 59,500 shares of the savings and loans company’s stock, valued at approximately $1,651,000. Northeast Community Bancorp accounts for approximately 1.3% of Raffles Associates LP’s investment portfolio, making the stock its 21st largest holding. Raffles Associates LP owned approximately 0.43% of Northeast Community Bancorp as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Northeast Community Bancorp during the 2nd quarter worth approximately $35,060,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Northeast Community Bancorp in the second quarter valued at $4,611,000. Millennium Management LLC grew its position in Northeast Community Bancorp by 261.8% in the first quarter. Millennium Management LLC now owns 162,916 shares of the savings and loans company’s stock valued at $3,819,000 after acquiring an additional 117,888 shares during the period. Focus Partners Wealth bought a new position in shares of Northeast Community Bancorp during the fourth quarter valued at $1,857,000. Finally, AQR Capital Management LLC bought a new position in shares of Northeast Community Bancorp during the first quarter valued at $1,779,000. 53.25% of the stock is owned by institutional investors and hedge funds.

Northeast Community Bancorp Trading Up 0.2%

NECB stock opened at $26.37 on Friday. The business has a fifty day moving average price of $26.78 and a 200 day moving average price of $25.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. Northeast Community Bancorp Inc. has a fifty-two week low of $19.27 and a fifty-two week high of $28.94. The stock has a market capitalization of $363.11 million, a price-to-earnings ratio of 8.45 and a beta of 0.36.

Northeast Community Bancorp (NASDAQ:NECB) last released its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04). The business had revenue of $25.29 million during the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a net margin of 27.67% and a return on equity of 12.00%. Analysts expect that Northeast Community Bancorp Inc. will post 3.16 EPS for the current fiscal year.

Northeast Community Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Tuesday, July 7th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, July 7th. This is a positive change from Northeast Community Bancorp’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. Northeast Community Bancorp’s dividend payout ratio (DPR) is currently 32.05%.

Insider Activity

In other news, CFO Donald S. Hom sold 3,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $27.20, for a total transaction of $81,600.00. Following the sale, the chief financial officer directly owned 4,714 shares of the company’s stock, valued at $128,220.80. This represents a 38.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.12% of the company’s stock.

Analysts Set New Price Targets

NECB has been the topic of several analyst reports. Piper Sandler upped their target price on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a “neutral” rating in a report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Community Bancorp in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Northeast Community Bancorp Company Profile

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.