Boothbay Fund Management LLC Makes New $8.37 Million Investment in Northeast Bancorp $NBN

Boothbay Fund Management LLC bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the 4th quarter, HoldingsChannel reports. The fund bought 80,564 shares of the financial services provider’s stock, valued at approximately $8,373,000.

Several other hedge funds also recently bought and sold shares of the stock. Earnest Partners LLC purchased a new position in Northeast Bancorp during the third quarter worth about $67,225,000. Vanguard Group Inc. boosted its stake in Northeast Bancorp by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 434,490 shares of the financial services provider’s stock worth $45,157,000 after buying an additional 9,926 shares during the period. Boston Partners boosted its stake in Northeast Bancorp by 0.4% during the third quarter. Boston Partners now owns 271,711 shares of the financial services provider’s stock worth $27,018,000 after buying an additional 1,029 shares during the period. American Century Companies Inc. boosted its stake in Northeast Bancorp by 8.5% during the third quarter. American Century Companies Inc. now owns 220,712 shares of the financial services provider’s stock worth $22,107,000 after buying an additional 17,344 shares during the period. Finally, Kennedy Capital Management LLC boosted its stake in Northeast Bancorp by 13.5% during the third quarter. Kennedy Capital Management LLC now owns 204,112 shares of the financial services provider’s stock worth $20,444,000 after buying an additional 24,327 shares during the period.

Analysts Set New Price Targets

NBN has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Northeast Bancorp from $120.00 to $128.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Wall Street Zen lowered shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday, May 4th. Finally, Piper Sandler initiated coverage on shares of Northeast Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $133.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $130.50.

Northeast Bancorp Stock Down 2.5%

Shares of NBN opened at $124.66 on Thursday. The stock has a market capitalization of $1.02 billion, a PE ratio of 10.68 and a beta of 0.58. Northeast Bancorp has a 1 year low of $80.45 and a 1 year high of $142.31. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. The company’s 50-day simple moving average is $123.11 and its 200-day simple moving average is $114.45.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.53. The business had revenue of $66.62 million for the quarter, compared to analysts’ expectations of $61.49 million. Northeast Bancorp had a net margin of 25.96% and a return on equity of 18.63%.

Northeast Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.04 annualized dividend and a yield of 0.0%. Northeast Bancorp’s dividend payout ratio (DPR) is 0.34%.

Northeast Bancorp Profile

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.