Hsbc Holdings PLC Buys New Shares in Northeast Community Bancorp Inc. $NECB

Hsbc Holdings PLC purchased a new position in Northeast Community Bancorp Inc. (NASDAQ:NECB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,682 shares of the savings and loans company’s stock, valued at approximately $542,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Northeast Community Bancorp in the second quarter worth about $35,060,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Northeast Community Bancorp in the 2nd quarter worth approximately $4,611,000. Millennium Management LLC boosted its stake in Northeast Community Bancorp by 261.8% in the 1st quarter. Millennium Management LLC now owns 162,916 shares of the savings and loans company’s stock worth $3,819,000 after purchasing an additional 117,888 shares during the period. Focus Partners Wealth bought a new position in Northeast Community Bancorp in the 4th quarter worth approximately $1,857,000. Finally, AQR Capital Management LLC purchased a new stake in Northeast Community Bancorp during the 1st quarter valued at approximately $1,779,000. 53.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the company a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Community Bancorp in a report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.50.

Northeast Community Bancorp Stock Up 2.1%

Shares of NECB opened at $26.74 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $368.21 million, a price-to-earnings ratio of 8.57 and a beta of 0.36. Northeast Community Bancorp Inc. has a 1 year low of $19.27 and a 1 year high of $28.94. The business’s 50 day simple moving average is $26.79 and its 200-day simple moving average is $25.19.

Northeast Community Bancorp (NASDAQ:NECB) last announced its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.04). The business had revenue of $25.29 million during the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a return on equity of 12.00% and a net margin of 27.67%. As a group, equities analysts expect that Northeast Community Bancorp Inc. will post 3.16 earnings per share for the current fiscal year.

Northeast Community Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Tuesday, July 7th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, July 7th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. This is a positive change from Northeast Community Bancorp’s previous quarterly dividend of $0.20. Northeast Community Bancorp’s dividend payout ratio is currently 32.05%.

Insider Activity at Northeast Community Bancorp

In related news, CFO Donald S. Hom sold 3,000 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $27.20, for a total value of $81,600.00. Following the completion of the transaction, the chief financial officer owned 4,714 shares of the company’s stock, valued at approximately $128,220.80. This trade represents a 38.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.12% of the company’s stock.

Northeast Community Bancorp Profile

Northeast Community Bancorp is the bank holding company for Northeast Bank, a full-service community bank headquartered in DeKalb, Illinois. Through its principal subsidiary, the company provides a range of deposit and lending products designed to meet the financial needs of individuals, families and small to mid-sized businesses in the northern Illinois market.

The company’s loan portfolio encompasses consumer and mortgage lending, home equity lines of credit, commercial real estate financing, SBA-guaranteed loans and agricultural credits.