Northeast Community Bancorp (NASDAQ:NECB) Price Target Raised to $31.00

Northeast Community Bancorp (NASDAQ:NECB) had its price target increased by Freedom Broker from $30.00 to $31.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the savings and loans company’s stock. Freedom Broker‘s price objective would indicate a potential upside of 8.98% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Community Bancorp in a research note on Tuesday, September 29th. Zacks Research upgraded Northeast Community Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $30.25.

Northeast Community Bancorp Stock Up 2.4%

Shares of NECB stock traded up $0.68 during trading hours on Monday, reaching $28.45. 45,994 shares of the company’s stock were exchanged, compared to its average volume of 43,888. The stock’s 50 day moving average is $26.96 and its 200-day moving average is $26.07. The company has a market cap of $391.69 million, a price-to-earnings ratio of 9.38 and a beta of 0.38. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53. Northeast Community Bancorp has a fifty-two week low of $19.27 and a fifty-two week high of $29.26.

Northeast Community Bancorp (NASDAQ:NECB) last issued its quarterly earnings data on Thursday, October 22nd. The savings and loans company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.03). The business had revenue of $25.91 million for the quarter, compared to analysts’ expectations of $27.96 million. Northeast Community Bancorp had a net margin of 27.21% and a return on equity of 11.55%. Analysts predict that Northeast Community Bancorp will post 3.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Donald S. Hom sold 3,000 shares of the 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 transaction, the chief financial officer owned 4,714 shares in the company, valued at approximately $128,220.80. This represents a 38.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.12% of the stock is currently owned by corporate insiders.

Institutional Trading of Northeast Community Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Northeast Community Bancorp in the second quarter worth $35,060,000. Dimensional Fund Advisors LP lifted its position in Northeast Community Bancorp by 5.8% during 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 purchasing an additional 25,687 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Northeast Community Bancorp in the second quarter valued at $4,611,000. Renaissance Technologies LLC boosted its holdings 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 valued at $4,194,000 after purchasing an additional 28,605 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Northeast Community Bancorp in the second quarter valued at $2,690,000. 53.25% of the stock is currently owned by institutional investors and hedge funds.

Northeast Community Bancorp Company Profile

Northeast Community Bancorp, Inc is the holding company for Northeast Community Bank, a community-oriented savings bank headquartered in New York. The bank provides retail and commercial banking services to individuals, families, businesses and community organizations through its branch network in New York and New Jersey.

Northeast Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and multifamily real estate loans, commercial real estate financing, construction loans, home equity products and other loans for businesses and consumers.

The company emphasizes relationship-based banking and focuses on serving local markets, including communities in the New York metropolitan area and surrounding regions.