Northeast Bank (NASDAQ:NBN) Reaches New 1-Year High After Earnings Beat

Northeast Bank (NASDAQ:NBN) shares reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $107.15 and last traded at $107.20, with a volume of 15896 shares changing hands. The stock had previously closed at $103.13.

The financial services provider reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.18.

Northeast Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 4th. Shareholders of record on Tuesday, February 18th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Tuesday, February 18th. Northeast Bank’s payout ratio is 0.47%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods started coverage on Northeast Bank in a research report on Thursday, November 21st. They set a “market perform” rating and a $102.00 price objective for the company.

Hedge Funds Weigh In On Northeast Bank

A number of institutional investors have recently bought and sold shares of the stock. AlphaQuest LLC boosted its holdings in shares of Northeast Bank by 12,410.5% in the fourth quarter. AlphaQuest LLC now owns 2,377 shares of the financial services provider’s stock worth $218,000 after buying an additional 2,358 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Northeast Bank in the 4th quarter valued at approximately $294,000. Charles Schwab Investment Management Inc. boosted its stake in Northeast Bank by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,875 shares of the financial services provider’s stock worth $1,823,000 after purchasing an additional 892 shares during the period. Bank of New York Mellon Corp grew its position in Northeast Bank by 3.2% during the 4th quarter. Bank of New York Mellon Corp now owns 47,873 shares of the financial services provider’s stock worth $4,391,000 after purchasing an additional 1,498 shares in the last quarter. Finally, Polaris Capital Management LLC grew its position in Northeast Bank by 3.5% during the 4th quarter. Polaris Capital Management LLC now owns 49,600 shares of the financial services provider’s stock worth $4,550,000 after purchasing an additional 1,700 shares in the last quarter.

Northeast Bank Stock Performance

The firm’s 50 day simple moving average is $97.61 and its 200-day simple moving average is $85.43. The company has a market capitalization of $899.49 million, a price-to-earnings ratio of 12.75 and a beta of 1.08.

About Northeast Bank

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.