Envestnet Asset Management Inc. Purchases New Holdings in Northeast Bancorp $NBN

Envestnet Asset Management Inc. acquired a new stake in shares of Northeast Bancorp (NASDAQ:NBN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 40,706 shares of the financial services provider’s stock, valued at approximately $4,077,000. Envestnet Asset Management Inc. owned 0.50% of Northeast Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC lifted its position in shares of Northeast Bancorp by 1,189.2% during the 3rd quarter. SG Americas Securities LLC now owns 17,481 shares of the financial services provider’s stock worth $1,751,000 after buying an additional 16,125 shares during the period. Boston Partners grew its position in Northeast Bancorp by 1.5% in the second quarter. Boston Partners now owns 270,682 shares of the financial services provider’s stock valued at $24,417,000 after acquiring an additional 4,018 shares during the period. Geode Capital Management LLC raised its stake in Northeast Bancorp by 8.6% during the second quarter. Geode Capital Management LLC now owns 179,131 shares of the financial services provider’s stock worth $15,942,000 after acquiring an additional 14,118 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Northeast Bancorp by 19.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,799 shares of the financial services provider’s stock worth $1,139,000 after acquiring an additional 2,050 shares in the last quarter. Finally, Corton Capital Inc. bought a new position in shares of Northeast Bancorp during the second quarter valued at $269,000.

Wall Street Analysts Forecast Growth

NBN has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Northeast Bancorp in a report on Monday, December 29th. Keefe, Bruyette & Woods dropped 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 report on Thursday, October 30th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.00.

Northeast Bancorp Stock Performance

Shares of Northeast Bancorp stock opened at $112.81 on Tuesday. Northeast Bancorp has a 52 week low of $78.17 and a 52 week high of $126.25. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a market capitalization of $926.17 million, a price-to-earnings ratio of 10.88 and a beta of 0.57. The firm has a fifty day moving average of $112.96 and a two-hundred day moving average of $102.84.

Northeast Bancorp (NASDAQ:NBN) last announced 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 for the quarter, compared to the consensus estimate of $54.83 million. Northeast Bancorp had a net margin of 24.16% and a return on equity of 17.73%.

Northeast Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th will be issued a dividend of $0.01 per share. The ex-dividend date is 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 presently 0.39%.

Northeast Bancorp Company Profile

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.