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

Northeast Bank (NASDAQ:NBN) saw unusually-strong trading volume on Tuesday . Approximately 53,920 shares changed hands during mid-day trading, an increase of 12% from the previous session’s volume of 48,223 shares.The stock last traded at $90.59 and had previously closed at $91.37.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target on shares of Northeast Bank from $102.00 to $115.00 and gave the company a “market perform” rating in a report on Monday, February 10th.

Northeast Bank Trading Up 0.5 %

The business has a 50 day simple moving average of $99.10 and a two-hundred day simple moving average of $90.64. The stock has a market cap of $748.22 million, a price-to-earnings ratio of 10.61 and a beta of 1.06.

Northeast Bank (NASDAQ:NBN) last released its quarterly earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.18.

Northeast Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were paid a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. Northeast Bank’s dividend payout ratio (DPR) is presently 0.47%.

Hedge Funds Weigh In On Northeast Bank

A number of hedge funds have recently bought and sold shares of NBN. Picton Mahoney Asset Management lifted its holdings in Northeast Bank by 57.6% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock worth $30,000 after buying an additional 118 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Northeast Bank by 5.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,433 shares of the financial services provider’s stock valued at $315,000 after acquiring an additional 186 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Northeast Bank by 2.9% during the fourth quarter. Sterling Capital Management LLC now owns 6,633 shares of the financial services provider’s stock worth $608,000 after purchasing an additional 187 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Northeast Bank by 0.4% in the fourth quarter. Nuveen Asset Management LLC now owns 57,181 shares of the financial services provider’s stock worth $5,245,000 after purchasing an additional 238 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Northeast Bank by 10.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,982 shares of the financial services provider’s stock worth $365,000 after purchasing an additional 388 shares during the period.

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.