Share Buyback Plan Authorized by Northeast Community Bancorp (NASDAQ:NECB) Board of Directors

Northeast Community Bancorp (NASDAQ:NECB) announced that its board has authorized a stock buyback plan on Monday, December 8th, RTT News reports. The company plans to repurchase $1.40 million in shares. This repurchase authorization authorizes the savings and loans company to buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

NECB has been the topic of a number of research reports. Weiss Ratings cut Northeast Community Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Zacks Research downgraded Northeast Community Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, November 28th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Northeast Community Bancorp Trading Down 0.2%

NASDAQ:NECB opened at $21.89 on Tuesday. Northeast Community Bancorp has a 12-month low of $19.27 and a 12-month high of $28.92. The firm has a market cap of $307.12 million, a PE ratio of 6.69 and a beta of 0.42. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.50. The stock has a fifty day moving average price of $20.44 and a 200 day moving average price of $21.63.

Northeast Community Bancorp (NASDAQ:NECB) last posted its quarterly earnings results on Friday, October 24th. The savings and loans company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. The company had revenue of $26.61 million for the quarter, compared to analyst estimates of $26.80 million. Northeast Community Bancorp had a return on equity of 13.43% and a net margin of 27.97%. Sell-side analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Friday, October 3rd were paid a $0.20 dividend. The ex-dividend date was Friday, October 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. Northeast Community Bancorp’s payout ratio is currently 24.46%.

Insider Transactions at Northeast Community Bancorp

In other Northeast Community Bancorp news, CFO Donald S. Hom sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $20.23, for a total transaction of $40,460.00. Following the completion of the transaction, the chief financial officer owned 5,759 shares in the company, valued at $116,504.57. The trade was a 25.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.30% of the stock is owned by corporate insiders.

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.