Bank of New York Mellon Corp Acquires 2,175 Shares of Northeast Bank (NASDAQ:NBN)

Bank of New York Mellon Corp raised its holdings in Northeast Bank (NASDAQ:NBN) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,561 shares of the financial services provider’s stock after buying an additional 2,175 shares during the quarter. Bank of New York Mellon Corp’s holdings in Northeast Bank were worth $3,138,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ellsworth Advisors LLC grew its holdings in shares of Northeast Bank by 5.0% in the 2nd quarter. Ellsworth Advisors LLC now owns 12,613 shares of the financial services provider’s stock worth $768,000 after purchasing an additional 598 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Northeast Bank in the 2nd quarter worth about $373,000. Enterprise Bank & Trust Co bought a new stake in shares of Northeast Bank in the 2nd quarter worth about $201,000. Boston Partners grew its holdings in shares of Northeast Bank by 5.2% in the 1st quarter. Boston Partners now owns 13,839 shares of the financial services provider’s stock worth $766,000 after purchasing an additional 689 shares during the last quarter. Finally, Western Standard LLC grew its holdings in shares of Northeast Bank by 57.5% in the 1st quarter. Western Standard LLC now owns 46,150 shares of the financial services provider’s stock worth $2,554,000 after purchasing an additional 16,850 shares during the last quarter.

Northeast Bank Stock Performance

Northeast Bank stock opened at $69.53 on Monday. Northeast Bank has a 1 year low of $42.48 and a 1 year high of $74.85. The company’s 50-day moving average is $67.46 and its two-hundred day moving average is $59.38.

Northeast Bank (NASDAQ:NBN) last announced its quarterly earnings results on Monday, July 29th. The financial services provider reported $1.91 EPS for the quarter. The company had revenue of $68.66 million during the quarter. During the same period in the previous year, the business posted $1.61 earnings per share.

Northeast Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.04 dividend on an annualized basis and a yield of 0.06%. Northeast Bank’s payout ratio is 0.55%.

Analyst Ratings Changes

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

Northeast Bank 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.