Northeast Bancorp (NASDAQ:NBN) Issues Quarterly Earnings Results, Beats Expectations By $0.53 EPS

Northeast Bancorp (NASDAQ:NBN) announced its quarterly earnings data on Monday. The financial services provider reported $3.53 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.53, Zacks reports. Northeast Bancorp had a return on equity of 19.11% and a net margin of 25.96%.The company had revenue of $66.62 million during the quarter, compared to analyst estimates of $61.49 million.

Northeast Bancorp Stock Performance

Shares of Northeast Bancorp stock traded up $1.23 during trading hours on Wednesday, reaching $130.43. The company had a trading volume of 39,697 shares, compared to its average volume of 113,742. The firm has a market cap of $1.07 billion, a PE ratio of 11.18 and a beta of 0.58. Northeast Bancorp has a one year low of $79.05 and a one year high of $135.62. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.27 and a quick ratio of 1.24. The business has a fifty day simple moving average of $114.93 and a 200 day simple moving average of $106.13.

Northeast Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Piper Sandler initiated coverage on shares of Northeast Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $133.00 target price for the company. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $117.50.

Institutional Trading of Northeast Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC purchased a new position in Northeast Bancorp during the 4th quarter valued at about $215,000. Susquehanna Fundamental Investments LLC boosted its position in shares of Northeast Bancorp by 29.0% in the fourth quarter. Susquehanna Fundamental Investments LLC now owns 5,336 shares of the financial services provider’s stock valued at $555,000 after acquiring an additional 1,200 shares during the period. Millennium Management LLC boosted its position in shares of Northeast Bancorp by 35.9% in the fourth quarter. Millennium Management LLC now owns 3,174 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 838 shares during the period. Balyasny Asset Management L.P. grew its stake in Northeast Bancorp by 258.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 10,673 shares of the financial services provider’s stock valued at $1,109,000 after acquiring an additional 7,699 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in Northeast Bancorp during the 4th quarter worth approximately $757,000.

About Northeast Bancorp

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.