Northeast Community Bancorp (NASDAQ:NECB) Raised to “Strong-Buy” at Zacks Research

Northeast Community Bancorp (NASDAQ:NECB) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

Other analysts have also issued reports about the stock. Piper Sandler boosted their price target on shares of Northeast Community Bancorp from $26.50 to $29.50 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of Northeast Community Bancorp in a report on Tuesday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Northeast Community Bancorp currently has an average rating of “Buy” and an average price target of $29.50.

Northeast Community Bancorp Trading Up 0.3%

Shares of NASDAQ NECB opened at $27.41 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53. 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 has a twelve month low of $19.27 and a twelve month high of $28.94. The stock has a fifty day simple moving average of $26.75 and a 200-day simple moving average of $25.77.

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

Insider Buying and Selling

In related news, CFO Donald S. Hom sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $27.20, for a total transaction of $81,600.00. Following the completion of the transaction, the chief financial officer directly owned 4,714 shares of the company’s stock, valued at $128,220.80. The trade was a 38.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Northeast Community Bancorp

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Northeast Community Bancorp in the second quarter worth approximately $35,060,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Northeast Community Bancorp during the 2nd quarter worth approximately $4,611,000. Empowered Funds LLC purchased a new stake in shares of Northeast Community Bancorp in the 2nd quarter valued at approximately $2,690,000. Bank of New York Mellon Corp purchased a new stake in shares of Northeast Community Bancorp in the 2nd quarter valued at approximately $1,863,000. Finally, Raffles Associates LP acquired a new stake in shares of Northeast Community Bancorp in the 2nd quarter valued at $1,651,000. Institutional investors and hedge funds 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.