Northeast Bank (NASDAQ:NBN) Releases Earnings Results, Beats Expectations By $0.34 EPS

Northeast Bank (NASDAQ:NBN) issued its earnings results on Tuesday. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.34, Yahoo Finance reports. The firm had revenue of $73.97 million during the quarter, compared to analyst estimates of $38.20 million. During the same quarter last year, the business posted $2.01 earnings per share.

Northeast Bank Stock Performance

Shares of NASDAQ NBN traded up $0.78 during mid-day trading on Friday, reaching $89.64. 29,118 shares of the company were exchanged, compared to its average volume of 29,752. Northeast Bank has a twelve month low of $47.48 and a twelve month high of $93.80. The company’s 50-day simple moving average is $75.98 and its 200-day simple moving average is $65.42.

Northeast Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date is Tuesday, November 12th. Northeast Bank’s payout ratio is presently 0.52%.

Analysts Set New Price Targets

Separately, Piper Sandler reiterated an “overweight” rating and set a $80.00 target price on shares of Northeast Bank in a research note on Wednesday, September 11th.

Northeast Bank Company Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.