Cornercap Investment Counsel Inc. Sells 4,861 Shares of Northeast Bank (NASDAQ:NBN)

Cornercap Investment Counsel Inc. cut its position in Northeast Bank (NASDAQ:NBN) by 52.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,473 shares of the financial services provider’s stock after selling 4,861 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Northeast Bank were worth $345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Northeast Bank by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,268 shares of the financial services provider’s stock valued at $406,000 after buying an additional 520 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Northeast Bank during the 2nd quarter valued at $373,000. Vanguard Group Inc. lifted its holdings in Northeast Bank by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 350,434 shares of the financial services provider’s stock valued at $19,393,000 after purchasing an additional 5,801 shares during the last quarter. AQR Capital Management LLC acquired a new stake in Northeast Bank during the 2nd quarter valued at $212,000. Finally, Russell Investments Group Ltd. lifted its holdings in Northeast Bank by 5.8% during the 1st quarter. Russell Investments Group Ltd. now owns 63,165 shares of the financial services provider’s stock valued at $3,496,000 after purchasing an additional 3,459 shares during the last quarter.

Northeast Bank Stock Down 1.4 %

Shares of Northeast Bank stock opened at $99.48 on Monday. The business has a fifty day simple moving average of $82.35 and a two-hundred day simple moving average of $69.10. Northeast Bank has a 1 year low of $49.07 and a 1 year high of $105.44.

Northeast Bank (NASDAQ:NBN) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.34. The firm had revenue of $73.97 million for the quarter, compared to analyst estimates of $38.20 million. During the same period in the prior year, the business posted $2.01 EPS.

Northeast Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. The ex-dividend date of this dividend is Tuesday, November 12th. Northeast Bank’s dividend payout ratio is currently 0.52%.

Analyst Upgrades and Downgrades

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

Northeast Bank 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.