Northeast Bancorp (NASDAQ:NBN) Shares Up 7.8% on Strong Earnings

Northeast Bancorp (NASDAQ:NBN)’s stock price was up 7.8% on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $104.75 and last traded at $105.25. Approximately 94,934 shares traded hands during mid-day trading, an increase of 57% from the average daily volume of 60,315 shares. The stock had previously closed at $97.66.

The financial services provider reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.46. Northeast Bancorp had a return on equity of 19.19% and a net margin of 23.77%. The business had revenue of $62.70 million for the quarter, compared to analyst estimates of $56.50 million.

Northeast Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 25th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, September 25th. Northeast Bancorp’s payout ratio is 0.44%.

Hedge Funds Weigh In On Northeast Bancorp

Large investors have recently modified their holdings of the business. CWM LLC boosted its stake in shares of Northeast Bancorp by 136.8% in the 1st quarter. CWM LLC now owns 438 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 253 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Northeast Bancorp during the fourth quarter worth $127,000. KLP Kapitalforvaltning AS acquired a new position in Northeast Bancorp in the fourth quarter valued at $128,000. Federated Hermes Inc. boosted its position in Northeast Bancorp by 44.4% during the fourth quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 479 shares during the last quarter. Finally, Comerica Bank bought a new stake in Northeast Bancorp during the fourth quarter valued at $192,000.

Northeast Bancorp Stock Performance

The stock has a fifty day simple moving average of $89.37 and a two-hundred day simple moving average of $92.02. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.23 and a current ratio of 1.25. The stock has a market capitalization of $828.14 million, a price-to-earnings ratio of 10.01 and a beta of 0.59.

Northeast Bancorp Company Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.