Franklin Resources Inc. Lowers Stake in Northeast Bancorp $NBN

Franklin Resources Inc. cut its stake in Northeast Bancorp (NASDAQ:NBN) by 41.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,513 shares of the financial services provider’s stock after selling 11,693 shares during the period. Franklin Resources Inc. owned about 0.20% of Northeast Bancorp worth $1,469,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NBN. Police & Firemen s Retirement System of New Jersey boosted its position in Northeast Bancorp by 19.4% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 1,717 shares of the financial services provider’s stock valued at $153,000 after buying an additional 279 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Northeast Bancorp during the second quarter valued at approximately $208,000. Arcus Capital Partners LLC purchased a new stake in shares of Northeast Bancorp in the second quarter valued at approximately $226,000. Voleon Capital Management LP purchased a new stake in shares of Northeast Bancorp in the first quarter valued at approximately $244,000. Finally, Dynamic Technology Lab Private Ltd grew its stake in Northeast Bancorp by 15.7% in the first quarter. Dynamic Technology Lab Private Ltd now owns 2,765 shares of the financial services provider’s stock worth $253,000 after purchasing an additional 375 shares in the last quarter.

Northeast Bancorp Trading Up 0.4%

Shares of NASDAQ:NBN opened at $92.59 on Friday. The company has a market capitalization of $760.16 million, a PE ratio of 8.70 and a beta of 0.55. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 0.65. Northeast Bancorp has a 12-month low of $78.17 and a 12-month high of $113.01. The business’s fifty day simple moving average is $90.56 and its 200-day simple moving average is $94.25.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $2.67 earnings per share for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.01). Northeast Bancorp had a net margin of 24.36% and a return on equity of 18.52%. The company had revenue of $52.88 million for the quarter, compared to the consensus estimate of $57.43 million.

Northeast Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, November 11th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date was Monday, November 10th. Northeast Bancorp’s payout ratio is 0.38%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NBN. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a research report on Monday, November 24th. Wall Street Zen downgraded Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Northeast Bancorp from $107.00 to $102.00 and set a “market perform” rating for the company in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Northeast Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $102.00.

About Northeast Bancorp

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.