Rafferty Asset Management LLC Buys 9,359 Shares of Northeast Bancorp $NBN

Rafferty Asset Management LLC grew its stake in shares of Northeast Bancorp (NASDAQ:NBN) by 137.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,173 shares of the financial services provider’s stock after buying an additional 9,359 shares during the quarter. Rafferty Asset Management LLC’s holdings in Northeast Bancorp were worth $1,620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NBN. Envestnet Asset Management Inc. purchased a new stake in Northeast Bancorp during the third quarter valued at about $4,077,000. Oppenheimer Asset Management Inc. bought a new position in shares of Northeast Bancorp during the 3rd quarter valued at about $1,131,000. Boston Partners raised its holdings in shares of Northeast Bancorp by 1.5% during the 2nd quarter. Boston Partners now owns 270,682 shares of the financial services provider’s stock valued at $24,417,000 after buying an additional 4,018 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Northeast Bancorp by 1,189.2% during the 3rd quarter. SG Americas Securities LLC now owns 17,481 shares of the financial services provider’s stock valued at $1,751,000 after buying an additional 16,125 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Northeast Bancorp by 8.6% in the 2nd quarter. Geode Capital Management LLC now owns 179,131 shares of the financial services provider’s stock worth $15,942,000 after buying an additional 14,118 shares during the last quarter.

Northeast Bancorp Price Performance

Shares of Northeast Bancorp stock opened at $109.18 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.25 and a quick ratio of 1.25. Northeast Bancorp has a one year low of $78.17 and a one year high of $126.25. The business’s 50 day simple moving average is $114.01 and its two-hundred day simple moving average is $103.46. The stock has a market capitalization of $896.37 million, a P/E ratio of 10.53 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last issued its earnings results on Monday, January 26th. The financial services provider reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.09. Northeast Bancorp had a net margin of 24.16% and a return on equity of 17.73%. The firm had revenue of $51.77 million for the quarter, compared to analysts’ expectations of $54.83 million.

Northeast Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend was Wednesday, February 11th. Northeast Bancorp’s dividend payout ratio (DPR) is 0.39%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Northeast Bancorp in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.00.

About Northeast Bancorp

Northeast Bancorp is a Maine-based bank holding company and the parent of Northeast Bank, a state‐chartered commercial bank headquartered in Lewiston, Maine. Through its subsidiary, the company provides a variety of financial services, including personal checking and savings accounts, residential mortgage lending, small business and commercial loans, treasury management and private banking services. The bank operates a branch network spanning central and southern Maine, serving individuals, families and local businesses across the region.

Founded in 1872 as Androscoggin County Savings Bank, the institution has evolved through mutual and stock conversions, adopting the Northeast Bank name in 2001 and forming Northeast Bancorp as its mutual holding company in 2013.