Northeast Bank (NASDAQ:NBN) Hits New 52-Week High on Strong Earnings

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

The financial services provider reported $2.74 EPS for the quarter, topping the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

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

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods initiated coverage on shares of Northeast Bank in a research report on Thursday, November 21st. They set a “market perform” rating and a $102.00 target price on the stock.

Institutional Trading of Northeast Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. R Squared Ltd acquired a new position in Northeast Bank in the fourth quarter valued at $41,000. Quantbot Technologies LP acquired a new position in Northeast Bank during the third quarter valued at approximately $76,000. BNP Paribas Financial Markets boosted its position in Northeast Bank by 36.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 442 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Northeast Bank in the third quarter valued at about $185,000. Finally, AQR Capital Management LLC acquired a new stake in Northeast Bank in the second quarter valued at approximately $212,000.

Northeast Bank Stock Up 3.0 %

The firm’s 50 day moving average price is $97.61 and its two-hundred day moving average price is $85.43. The firm has a market capitalization of $899.49 million, a PE 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.