Northeast Community Bancorp (NASDAQ:NECB) Price Target Raised to $31.00

Northeast Community Bancorp (NASDAQ:NECB) had its target price raised by Freedom Broker from $30.00 to $31.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the savings and loans company’s stock.

Several other brokerages have also recently issued reports on NECB. Weiss Ratings reiterated a “buy (b)” rating on shares of Northeast Community Bancorp in a research note on Tuesday, September 29th. Zacks Research raised Northeast Community Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $30.25.

Northeast Community Bancorp Price Performance

Northeast Community Bancorp stock opened at $28.64 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53. Northeast Community Bancorp has a 52-week low of $19.27 and a 52-week high of $29.26. The firm has a market cap of $394.37 million, a PE ratio of 9.42 and a beta of 0.38. The company’s 50 day moving average is $27.05 and its two-hundred day moving average is $25.41.

Northeast Community Bancorp (NASDAQ:NECB) last posted its quarterly earnings results on Thursday, October 22nd. The savings and loans company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.03). Northeast Community Bancorp had a return on equity of 11.55% and a net margin of 27.21%. The business had revenue of $25.91 million during the quarter, compared to analyst estimates of $27.96 million. On average, research analysts expect that Northeast Community Bancorp will post 3.24 EPS for the current fiscal year.

Northeast Community Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 9th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. Northeast Community Bancorp’s dividend payout ratio is currently 32.89%.

Institutional Investors Weigh In On Northeast Community Bancorp

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in Northeast Community Bancorp in the second quarter valued at $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 buying an additional 25,687 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Northeast Community Bancorp by 19.4% during the 1st quarter. Renaissance Technologies LLC now owns 176,205 shares of the savings and loans company’s stock worth $4,194,000 after buying an additional 28,605 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Northeast Community Bancorp during the 2nd quarter worth about $4,611,000. Finally, Empowered Funds LLC boosted its position in shares of Northeast Community Bancorp by 22.5% during the 1st quarter. Empowered Funds LLC now owns 97,037 shares of the savings and loans company’s stock worth $2,309,000 after acquiring an additional 17,840 shares in the last quarter. 53.25% of the stock is owned by hedge funds and other institutional investors.

About Northeast Community Bancorp

Northeast Community Bancorp, Inc is the holding company for Northeast Community Bank, a community-oriented savings bank headquartered in New York. The bank provides retail and commercial banking services to individuals, families, businesses and community organizations through its branch network in New York and New Jersey.

Northeast Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and multifamily real estate loans, commercial real estate financing, construction loans, home equity products and other loans for businesses and consumers.

The company emphasizes relationship-based banking and focuses on serving local markets, including communities in the New York metropolitan area and surrounding regions.