Zacks Research Upgrades Northeast Community Bancorp (NASDAQ:NECB) to “Strong-Buy”

Northeast Community Bancorp (NASDAQ:NECB) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

A number of other equities analysts also recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Community Bancorp in a research note on Tuesday, September 29th. Piper Sandler upped their target price on Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Northeast Community Bancorp presently has a consensus rating of “Buy” and an average price target of $29.50.

Northeast Community Bancorp Trading Up 0.3%

NECB stock opened at $27.41 on Wednesday. The firm has a fifty day moving average price of $26.75 and a 200 day moving average price of $25.77. Northeast Community Bancorp has a fifty-two week low of $19.27 and a fifty-two week high of $28.94. The firm has a market cap of $377.33 million, a PE ratio of 8.79 and a beta of 0.38. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.29 and a current ratio of 1.29.

Northeast Community Bancorp (NASDAQ:NECB) last issued its quarterly earnings data on Monday, July 27th. The savings and loans company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04). Northeast Community Bancorp had a return on equity of 12.00% and a net margin of 27.67%.The business had revenue of $25.29 million during the quarter, compared to analysts’ expectations of $25.76 million. Sell-side analysts anticipate that Northeast Community Bancorp will post 3.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Donald S. Hom sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total value of $81,600.00. Following the transaction, the chief financial officer owned 4,714 shares of the company’s stock, valued at $128,220.80. This represents a 38.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.12% of the stock is currently owned by company insiders.

Institutional Trading of Northeast Community Bancorp

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Northeast Community Bancorp in the second quarter valued at $35,060,000. Dimensional Fund Advisors LP raised its holdings in Northeast Community Bancorp by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 466,870 shares of the savings and loans company’s stock valued at $11,112,000 after acquiring an additional 25,687 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Northeast Community Bancorp by 19.4% in the first quarter. Renaissance Technologies LLC now owns 176,205 shares of the savings and loans company’s stock worth $4,194,000 after acquiring an additional 28,605 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Northeast Community Bancorp during the 2nd quarter worth approximately $4,611,000. Finally, Mangrove Partners IM LLC increased its position in shares of Northeast Community Bancorp by 1.3% in the 4th quarter. Mangrove Partners IM LLC now owns 101,303 shares of the savings and loans company’s stock valued at $2,290,000 after purchasing an additional 1,349 shares during the last quarter. Hedge funds and other institutional investors own 53.25% of the company’s stock.

About Northeast Community Bancorp

Northeast Community Bancorp, Inc is the holding company for NorthEast Community Bank, a community-focused banking institution serving customers in the Hudson Valley and surrounding regions of New York and Connecticut. The company operates through its banking subsidiary and emphasizes relationship-based service for individuals, families, businesses and real estate investors.

NorthEast Community Bank offers a range of deposit products, including checking, savings, money market and certificate accounts, as well as residential mortgage loans, home equity financing, commercial real estate loans, construction lending, commercial and industrial loans, and consumer credit.