Raffles Associates LP Takes Position in Northeast Community Bancorp Inc. $NECB

Raffles Associates LP purchased a new position in shares of Northeast Community Bancorp Inc. (NASDAQ:NECB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 59,500 shares of the savings and loans company’s stock, valued at approximately $1,651,000. Northeast Community Bancorp comprises about 1.5% of Raffles Associates LP’s portfolio, making the stock its 19th largest position.

A number of other large investors have also modified their holdings of the company. Legal & General Group Plc acquired a new position in Northeast Community Bancorp during the 2nd quarter valued at about $36,000. Larson Financial Group LLC acquired a new stake in shares of Northeast Community Bancorp in the third quarter valued at approximately $28,000. Russell Investments Group Ltd. raised its holdings in shares of Northeast Community Bancorp by 193.8% during the third quarter. Russell Investments Group Ltd. now owns 1,457 shares of the savings and loans company’s stock valued at $30,000 after buying an additional 961 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Northeast Community Bancorp by 109.9% during the fourth quarter. Harbour Investments Inc. now owns 1,522 shares of the savings and loans company’s stock valued at $34,000 after buying an additional 797 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Northeast Community Bancorp by 78.4% during the third quarter. IFP Advisors Inc now owns 1,821 shares of the savings and loans company’s stock worth $38,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds own 53.25% of the company’s stock.

Northeast Community Bancorp Trading Down 0.3%

Shares of Northeast Community Bancorp stock opened at $26.41 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53. The firm has a market cap of $363.67 million, a price-to-earnings ratio of 8.46 and a beta of 0.36. The business has a fifty day simple moving average of $26.75 and a 200-day simple moving average of $25.11. Northeast Community Bancorp Inc. has a fifty-two week low of $19.27 and a fifty-two week high of $28.94.

Northeast Community Bancorp (NASDAQ:NECB) last announced its earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.04). The firm had revenue of $25.29 million for the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a net margin of 27.67% and a return on equity of 12.00%. On average, equities analysts forecast that Northeast Community Bancorp Inc. will post 3.16 EPS for the current fiscal year.

Northeast Community Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Tuesday, July 7th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, July 7th. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. This is an increase from Northeast Community Bancorp’s previous quarterly dividend of $0.20. Northeast Community Bancorp’s dividend payout ratio is presently 32.05%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NECB. Piper Sandler increased their price objective on Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a “neutral” rating in a report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Community Bancorp in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Insider Activity

In related news, CFO Donald S. Hom sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $27.20, for a total value of $81,600.00. Following the sale, the chief financial officer directly owned 4,714 shares in the company, valued at $128,220.80. The trade was a 38.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.12% of the stock is owned by corporate insiders.

Northeast Community Bancorp Profile

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.