Hingham Institution for Savings Acquires Shares of 12,000 Northeast Bancorp $NBN

Hingham Institution for Savings acquired a new stake in Northeast Bancorp (NASDAQ:NBN) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 12,000 shares of the financial services provider’s stock, valued at approximately $1,590,000. Northeast Bancorp accounts for 1.2% of Hingham Institution for Savings’ portfolio, making the stock its 12th largest holding.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Northeast Bancorp by 105.6% during the 2nd quarter. GAMMA Investing LLC now owns 185 shares of the financial services provider’s stock worth $25,000 after buying an additional 95 shares during the period. OP Asset Management Ltd bought a new position in Northeast Bancorp in the 1st quarter valued at about $33,000. Caitong International Asset Management Co. Ltd raised its holdings in Northeast Bancorp by 36,700.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 368 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 367 shares during the period. Clearstead Advisors LLC lifted its position in Northeast Bancorp by 194.0% during the fourth quarter. Clearstead Advisors LLC now owns 741 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 489 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in Northeast Bancorp by 1,071.4% during the fourth quarter. Quadrant Capital Group LLC now owns 820 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 750 shares during the last quarter.

Northeast Bancorp Price Performance

Northeast Bancorp stock opened at $132.86 on Friday. The stock’s fifty day moving average price is $131.19 and its two-hundred day moving average price is $123.35. Northeast Bancorp has a one year low of $80.75 and a one year high of $142.31. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.13 and a quick ratio of 1.10. The firm has a market cap of $1.09 billion, a PE ratio of 10.44 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last released its earnings results on Monday, July 27th. The financial services provider reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.65. The firm had revenue of $65.24 million during the quarter, compared to the consensus estimate of $67.21 million. Northeast Bancorp had a return on equity of 19.94% and a net margin of 27.91%.

Northeast Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date was Monday, August 10th. Northeast Bancorp’s dividend payout ratio is presently 0.31%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on NBN shares. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler lifted their price target on Northeast Bancorp from $145.00 to $151.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods boosted their price target on Northeast Bancorp from $128.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $143.50.

Northeast Bancorp 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.