Assenagon Asset Management S.A. Increases Position in Northeast Bank (NASDAQ:NBN)

Assenagon Asset Management S.A. raised its position in Northeast Bank (NASDAQ:NBN) by 251.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,554 shares of the financial services provider’s stock after purchasing an additional 15,422 shares during the period. Assenagon Asset Management S.A.’s holdings in Northeast Bank were worth $1,662,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Northeast Bank by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 350,434 shares of the financial services provider’s stock valued at $19,393,000 after purchasing an additional 5,801 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Northeast Bank by 17.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,349 shares of the financial services provider’s stock valued at $1,071,000 after buying an additional 2,848 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of Northeast Bank in the 2nd quarter valued at $212,000. Russell Investments Group Ltd. boosted its holdings in shares of Northeast Bank by 5.8% in the 1st quarter. Russell Investments Group Ltd. now owns 63,165 shares of the financial services provider’s stock valued at $3,496,000 after buying an additional 3,459 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Northeast Bank by 3,166.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,025 shares of the financial services provider’s stock valued at $112,000 after buying an additional 1,963 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, Piper Sandler restated an “overweight” rating and issued a $80.00 target price on shares of Northeast Bank in a report on Wednesday, September 11th.

Northeast Bank Stock Performance

Shares of Northeast Bank stock opened at $88.39 on Friday. The company has a fifty day simple moving average of $76.35 and a 200-day simple moving average of $65.68. Northeast Bank has a 12-month low of $47.48 and a 12-month high of $93.80.

Northeast Bank (NASDAQ:NBN) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.34. The business had revenue of $73.97 million for the quarter, compared to analyst estimates of $38.20 million. During the same quarter in the prior year, the company earned $2.01 EPS.

Northeast Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date is Tuesday, November 12th. Northeast Bank’s dividend payout ratio is currently 0.52%.

Northeast Bank Company Profile

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.