Northeast Bancorp (NBN) Holdings Cut by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in shares of Northeast Bancorp (NASDAQ:NBN) by 9.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,899 shares of the financial services provider’s stock after selling 29,201 shares during the quarter. Renaissance Technologies LLC owned 3.10% of Northeast Bancorp worth $6,036,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Western Standard LLC acquired a new stake in shares of Northeast Bancorp in the second quarter valued at $292,000. New York State Common Retirement Fund increased its stake in shares of Northeast Bancorp by 231.0% in the first quarter. New York State Common Retirement Fund now owns 25,820 shares of the financial services provider’s stock valued at $529,000 after buying an additional 18,020 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Northeast Bancorp in the second quarter valued at $859,000. Northern Trust Corp increased its stake in shares of Northeast Bancorp by 3.0% in the first quarter. Northern Trust Corp now owns 82,221 shares of the financial services provider’s stock valued at $1,686,000 after buying an additional 2,396 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Northeast Bancorp by 31.8% in the first quarter. Wells Fargo & Company MN now owns 96,614 shares of the financial services provider’s stock valued at $1,981,000 after buying an additional 23,303 shares in the last quarter. Hedge funds and other institutional investors own 49.23% of the company’s stock.

Separately, ValuEngine lowered Northeast Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th.

In other news, CEO Richard Wayne purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were acquired at an average price of $22.20 per share, for a total transaction of $222,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 41,667 shares in the company, valued at $925,007.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders purchased 10,200 shares of company stock worth $226,375. 13.38% of the stock is owned by company insiders.

Shares of NASDAQ:NBN opened at $22.70 on Friday. Northeast Bancorp has a twelve month low of $18.85 and a twelve month high of $27.80. The firm has a market capitalization of $196.38 million, a PE ratio of 12.47 and a beta of 0.39. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.08 and a quick ratio of 1.07.

Northeast Bancorp (NASDAQ:NBN) last announced its earnings results on Monday, July 30th. The financial services provider reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.11). The business had revenue of $16.37 million during the quarter. Northeast Bancorp had a net margin of 22.17% and a return on equity of 12.02%.

About Northeast Bancorp

Northeast Bancorp operates as the bank holding company for Northeast Bank that provides banking products and services to individual and corporate customers in the United States. The company's deposit products include noninterest-bearing demand deposit, savings, NOW, and money market accounts, as well as certificate of deposit accounts.

Read More: Market Capitalization – What it Means for Investors

Institutional Ownership by Quarter for Northeast Bancorp (NASDAQ:NBN)

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