Keefe, Bruyette & Woods Initiates Coverage on Northeast Bank (NASDAQ:NBN)

Keefe, Bruyette & Woods started coverage on shares of Northeast Bank (NASDAQ:NBN) in a research note published on Thursday, Marketbeat Ratings reports. The firm issued a market perform rating and a $102.00 price objective on the financial services provider’s stock.

Separately, Piper Sandler reissued an “overweight” rating and set a $80.00 target price on shares of Northeast Bank in a research note on Wednesday, September 11th.

Northeast Bank Stock Performance

Shares of NASDAQ NBN opened at $101.40 on Thursday. The firm has a 50 day moving average price of $85.43 and a two-hundred day moving average price of $70.64. Northeast Bank has a 52-week low of $49.07 and a 52-week high of $105.44.

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

Northeast Bank Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NBN. BNP Paribas Financial Markets boosted its holdings in Northeast Bank by 82.2% in the first quarter. BNP Paribas Financial Markets now owns 3,640 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,642 shares in the last quarter. Russell Investments Group Ltd. lifted 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 worth $3,496,000 after purchasing an additional 3,459 shares in the last quarter. Vanguard Group Inc. grew its position in 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 period. Western Standard LLC increased its stake in Northeast Bank by 57.5% during the 1st quarter. Western Standard LLC now owns 46,150 shares of the financial services provider’s stock valued at $2,554,000 after purchasing an additional 16,850 shares in the last quarter. Finally, Boston Partners raised its holdings in Northeast Bank by 5.2% during the first quarter. Boston Partners now owns 13,839 shares of the financial services provider’s stock worth $766,000 after buying an additional 689 shares during the last quarter.

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.