Northeast Community Bancorp (NASDAQ:NECB) Stock Lifted to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Northeast Community Bancorp (NASDAQ:NECB) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

A number of other brokerages have also recently issued reports on NECB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Community Bancorp in a report on Tuesday, September 29th. Piper Sandler raised their price objective on Northeast Community Bancorp from $26.50 to $29.50 and gave the company a “neutral” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $29.50.

Northeast Community Bancorp Stock Performance

Shares of NASDAQ NECB opened at $27.41 on Wednesday. The stock has a 50 day moving average price of $26.75 and a 200 day moving average price of $25.77. Northeast Community Bancorp has a 52 week low of $19.27 and a 52 week high of $28.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $377.33 million, a PE ratio of 8.79 and a beta of 0.38.

Northeast Community Bancorp (NASDAQ:NECB) last posted its quarterly earnings results on Monday, July 27th. The savings and loans company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.04). The company had revenue of $25.29 million during the quarter, compared to the consensus estimate of $25.76 million. Northeast Community Bancorp had a net margin of 27.67% and a return on equity of 12.00%. Analysts predict that Northeast Community Bancorp will post 3.24 earnings per share for the current fiscal year.

Northeast Community Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 9th will be paid a $0.25 dividend. The ex-dividend date is Friday, October 9th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. Northeast Community Bancorp’s dividend payout ratio is 32.05%.

Insiders Place Their Bets

In other Northeast Community Bancorp 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 transaction, the chief financial officer directly owned 4,714 shares of the company’s stock, valued at $128,220.80. This represents a 38.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.12% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Northeast Community Bancorp

A number of institutional investors have recently made changes to their positions in NECB. BlackRock Inc. acquired a new position in shares of Northeast Community Bancorp in the second quarter valued at approximately $35,060,000. Dimensional Fund Advisors LP lifted its holdings in Northeast Community Bancorp by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 466,870 shares of the savings and loans company’s stock worth $11,112,000 after purchasing an additional 25,687 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Northeast Community Bancorp during the 2nd quarter worth approximately $4,611,000. Renaissance Technologies LLC boosted its stake in Northeast Community Bancorp by 19.4% in the 1st quarter. Renaissance Technologies LLC now owns 176,205 shares of the savings and loans company’s stock valued at $4,194,000 after purchasing an additional 28,605 shares during the period. Finally, Empowered Funds LLC bought a new stake in Northeast Community Bancorp in the 2nd quarter valued at $2,690,000. Institutional investors own 53.25% of the company’s stock.

Northeast Community Bancorp Company Profile

Northeast Community Bancorp, Inc is the holding company for NorthEast Community Bank, a community-focused banking institution serving customers in the Hudson Valley and surrounding regions of New York and Connecticut. The company operates through its banking subsidiary and emphasizes relationship-based service for individuals, families, businesses and real estate investors.

NorthEast Community Bank offers a range of deposit products, including checking, savings, money market and certificate accounts, as well as residential mortgage loans, home equity financing, commercial real estate loans, construction lending, commercial and industrial loans, and consumer credit.