Daytona Street Capital LLC Makes New Investment in Northeast Bancorp $NBN

Daytona Street Capital LLC purchased a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,340 shares of the financial services provider’s stock, valued at approximately $659,000. Daytona Street Capital LLC owned 0.08% of Northeast Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. bought a new position in Northeast Bancorp during the third quarter worth about $4,077,000. Oppenheimer Asset Management Inc. bought a new position in shares of Northeast Bancorp in the third quarter valued at approximately $1,131,000. Kennedy Capital Management LLC raised its stake in shares of Northeast Bancorp by 13.5% in the third quarter. Kennedy Capital Management LLC now owns 204,112 shares of the financial services provider’s stock valued at $20,444,000 after acquiring an additional 24,327 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Northeast Bancorp by 1,189.2% in the third quarter. SG Americas Securities LLC now owns 17,481 shares of the financial services provider’s stock valued at $1,751,000 after acquiring an additional 16,125 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Northeast Bancorp by 8.5% in the third quarter. American Century Companies Inc. now owns 220,712 shares of the financial services provider’s stock valued at $22,107,000 after acquiring an additional 17,344 shares during the last quarter.

Northeast Bancorp Stock Performance

NASDAQ:NBN opened at $116.82 on Tuesday. Northeast Bancorp has a 1 year low of $79.05 and a 1 year high of $126.25. The firm has a 50 day moving average of $113.96 and a 200-day moving average of $103.57. The company has a current ratio of 1.27, a quick ratio of 1.24 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $959.09 million, a P/E ratio of 11.27 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last issued its quarterly earnings results on Monday, January 26th. The financial services provider reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.09. The business had revenue of $51.77 million during the quarter, compared to analyst estimates of $54.83 million. Northeast Bancorp had a net margin of 24.16% and a return on equity of 17.34%.

Northeast Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were issued a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Northeast Bancorp’s dividend payout ratio (DPR) is currently 0.39%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Northeast Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $133.00 target price for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Northeast Bancorp in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $117.50.

About Northeast Bancorp

Northeast Bancorp is a Maine-based bank holding company and the parent of Northeast Bank, a state‐chartered commercial bank headquartered in Lewiston, Maine. Through its subsidiary, the company provides a variety of financial services, including personal checking and savings accounts, residential mortgage lending, small business and commercial loans, treasury management and private banking services. The bank operates a branch network spanning central and southern Maine, serving individuals, families and local businesses across the region.

Founded in 1872 as Androscoggin County Savings Bank, the institution has evolved through mutual and stock conversions, adopting the Northeast Bank name in 2001 and forming Northeast Bancorp as its mutual holding company in 2013.