Northeast Community Bancorp (NASDAQ:NECB) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings downgraded shares of Northeast Community Bancorp (NASDAQ:NECB) from a buy (b-) rating to a hold (c+) rating in a report published on Saturday morning,Weiss Ratings reports.

Separately, Zacks Research upgraded Northeast Community Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy”.

Northeast Community Bancorp Stock Down 3.5%

NECB stock opened at $20.24 on Friday. Northeast Community Bancorp has a 1-year low of $19.41 and a 1-year high of $31.72. The business has a fifty day moving average price of $21.15 and a 200-day moving average price of $22.11. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market capitalization of $283.97 million, a P/E ratio of 6.19 and a beta of 0.53.

Northeast Community Bancorp (NASDAQ:NECB) last posted its quarterly earnings results on Thursday, October 23rd. The savings and loans company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.03. Northeast Community Bancorp had a return on equity of 13.60% and a net margin of 27.97%.The firm had revenue of $26.95 million during the quarter, compared to analysts’ expectations of $26.80 million. Equities analysts forecast that Northeast Community Bancorp will post 3.04 earnings per share for the current fiscal year.

Northeast Community Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Friday, October 3rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, October 3rd. Northeast Community Bancorp’s dividend payout ratio is 24.46%.

Institutional Trading of Northeast Community Bancorp

A number of hedge funds have recently bought and sold shares of NECB. Millennium Management LLC grew its holdings in Northeast Community Bancorp by 261.8% during the first quarter. Millennium Management LLC now owns 162,916 shares of the savings and loans company’s stock valued at $3,819,000 after purchasing an additional 117,888 shares during the period. Arkadios Wealth Advisors grew its holdings in Northeast Community Bancorp by 714.8% during the first quarter. Arkadios Wealth Advisors now owns 88,171 shares of the savings and loans company’s stock valued at $2,067,000 after purchasing an additional 77,350 shares during the period. AQR Capital Management LLC bought a new stake in Northeast Community Bancorp during the first quarter valued at about $1,779,000. LSV Asset Management grew its holdings in Northeast Community Bancorp by 28.4% during the second quarter. LSV Asset Management now owns 296,896 shares of the savings and loans company’s stock valued at $6,901,000 after purchasing an additional 65,717 shares during the period. Finally, Nuveen LLC bought a new stake in Northeast Community Bancorp during the first quarter valued at about $1,182,000. Hedge funds and other institutional investors own 53.25% of the company’s stock.

Northeast Community Bancorp Company Profile

Northeast Community Bancorp, Inc operates as the holding company for NorthEast Community Bank that provides financial services for individuals and businesses. It accepts various deposit instruments, including checking accounts, money market accounts, regular savings accounts, and non-interest bearing demand accounts, as well as certificates of deposits.