Persistent Asset Partners Ltd Buys New Holdings in Northeast Bancorp $NBN

Persistent Asset Partners Ltd bought a new stake in Northeast Bancorp (NASDAQ:NBN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,691 shares of the financial services provider’s stock, valued at approximately $1,215,000. Persistent Asset Partners Ltd owned approximately 0.14% of Northeast Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NBN. AQR Capital Management LLC increased its position in Northeast Bancorp by 61.3% in the 1st quarter. AQR Capital Management LLC now owns 9,324 shares of the financial services provider’s stock valued at $854,000 after buying an additional 3,542 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Northeast Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,157 shares of the financial services provider’s stock valued at $381,000 after buying an additional 175 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in Northeast Bancorp by 15.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 2,765 shares of the financial services provider’s stock valued at $253,000 after buying an additional 375 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Northeast Bancorp by 12.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 68,362 shares of the financial services provider’s stock valued at $6,258,000 after purchasing an additional 7,579 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Northeast Bancorp during the 1st quarter valued at about $411,000.

Northeast Bancorp Price Performance

NBN stock opened at $127.91 on Wednesday. The company has a market capitalization of $1.05 billion, a P/E ratio of 10.96 and a beta of 0.58. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.13. Northeast Bancorp has a 52-week low of $80.45 and a 52-week high of $142.31. The business has a 50-day simple moving average of $122.95 and a two-hundred day simple moving average of $114.19.

Northeast Bancorp (NASDAQ:NBN) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.53. Northeast Bancorp had a return on equity of 18.63% and a net margin of 25.96%.The business had revenue of $66.62 million during the quarter, compared to the consensus estimate of $61.49 million.

Northeast Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Northeast Bancorp’s dividend payout ratio (DPR) is currently 0.34%.

Analyst Ratings Changes

A number of research firms have issued reports on NBN. Keefe, Bruyette & Woods lifted their price target on Northeast Bancorp from $120.00 to $128.00 and gave the company a “market perform” rating in a research note on Wednesday, April 29th. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Piper Sandler began coverage on Northeast Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $133.00 price target for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Bancorp in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Northeast Bancorp has an average rating of “Moderate Buy” and a consensus price target of $130.50.

Northeast Bancorp Company Profile

Northeast Bancorp is a Maine-based bank holding company and the parent of Northeast Bank, a state‐chartered commercial bank headquartered in Lewiston, Maine. Through its subsidiary, the company provides a variety of financial services, including personal checking and savings accounts, residential mortgage lending, small business and commercial loans, treasury management and private banking services. The bank operates a branch network spanning central and southern Maine, serving individuals, families and local businesses across the region.

Founded in 1872 as Androscoggin County Savings Bank, the institution has evolved through mutual and stock conversions, adopting the Northeast Bank name in 2001 and forming Northeast Bancorp as its mutual holding company in 2013.