Northeast Bank (NASDAQ:NBN) Reaches New 52-Week High Following Better-Than-Expected Earnings

Shares of Northeast Bank (NASDAQ:NBN) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $107.15 and last traded at $107.20, with a volume of 15896 shares changing hands. The stock had previously closed at $103.13.

The financial services provider reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 4th. Shareholders of record on Tuesday, February 18th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Tuesday, February 18th. Northeast Bank’s dividend payout ratio is currently 0.47%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods assumed coverage on shares of Northeast Bank in a report on Thursday, November 21st. They issued a “market perform” rating and a $102.00 target price on the stock.

Institutional Trading of Northeast Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in shares of Northeast Bank during the fourth quarter worth approximately $41,000. Quantbot Technologies LP purchased a new position in Northeast Bank during the 3rd quarter worth $76,000. BNP Paribas Financial Markets lifted its stake in shares of Northeast Bank by 36.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock worth $127,000 after acquiring an additional 442 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Northeast Bank in the third quarter valued at about $185,000. Finally, AQR Capital Management LLC acquired a new position in shares of Northeast Bank during the second quarter worth about $212,000.

Northeast Bank Price Performance

The stock’s 50-day moving average is $97.61 and its 200 day moving average is $85.43. The stock has a market cap of $899.49 million, a price-to-earnings ratio of 12.75 and a beta of 1.08.

About Northeast Bank

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.