Allspring Global Investments Holdings LLC Lowers Holdings in Northeast Bank (NASDAQ:NBN)

Allspring Global Investments Holdings LLC reduced its stake in shares of Northeast Bank (NASDAQ:NBN) by 74.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,287 shares of the financial services provider’s stock after selling 3,685 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Northeast Bank were worth $99,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NBN. Dimensional Fund Advisors LP increased its position in Northeast Bank by 0.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 422,573 shares of the financial services provider’s stock valued at $25,716,000 after buying an additional 2,093 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Northeast Bank by 1.7% in the first 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. American Century Companies Inc. increased its holdings in shares of Northeast Bank by 18.7% in the second quarter. American Century Companies Inc. now owns 126,748 shares of the financial services provider’s stock valued at $7,714,000 after purchasing an additional 19,947 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Northeast Bank by 5.8% in the first quarter. Russell Investments Group Ltd. now owns 63,165 shares of the financial services provider’s stock valued at $3,496,000 after purchasing an additional 3,459 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Northeast Bank by 4.4% in the second quarter. Bank of New York Mellon Corp now owns 51,561 shares of the financial services provider’s stock valued at $3,138,000 after purchasing an additional 2,175 shares during the period.

Wall Street Analyst Weigh In

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

Northeast Bank Stock Performance

Shares of NBN opened at $87.92 on Tuesday. Northeast Bank has a 52 week low of $49.07 and a 52 week high of $93.80. The stock’s 50-day moving average price is $76.72 and its 200-day moving average price is $66.15.

Northeast Bank (NASDAQ:NBN) last issued its earnings results on Tuesday, October 29th. The financial services provider reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.34. The company had revenue of $73.97 million during the quarter, compared to analysts’ expectations of $38.20 million. During the same quarter in the previous year, the company earned $2.01 EPS. Research analysts predict that Northeast Bank will post 10.77 EPS for the current fiscal year.

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 given a dividend of $0.01 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. Northeast Bank’s dividend payout ratio is currently 0.52%.

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.