Boothbay Fund Management LLC Takes $8.37 Million Position in Northeast Bancorp $NBN

Boothbay Fund Management LLC bought a new position in shares of Northeast Bancorp (NASDAQ:NBN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 80,564 shares of the financial services provider’s stock, valued at approximately $8,373,000. Boothbay Fund Management LLC owned approximately 0.98% of Northeast Bancorp as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Persistent Asset Partners Ltd purchased a new stake in shares of Northeast Bancorp during the fourth quarter worth $1,215,000. Verition Fund Management LLC purchased a new stake in shares of Northeast Bancorp during the fourth quarter worth $757,000. Barclays PLC grew its holdings in shares of Northeast Bancorp by 28.8% during the fourth quarter. Barclays PLC now owns 15,536 shares of the financial services provider’s stock worth $1,615,000 after buying an additional 3,472 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Northeast Bancorp by 2.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,377 shares of the financial services provider’s stock worth $1,182,000 after buying an additional 225 shares in the last quarter. Finally, Gator Capital Management LLC grew its holdings in shares of Northeast Bancorp by 1.0% during the fourth quarter. Gator Capital Management LLC now owns 74,808 shares of the financial services provider’s stock worth $7,775,000 after buying an additional 725 shares in the last quarter.

Northeast Bancorp Trading Down 2.5%

Shares of NBN opened at $124.66 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.10 and a debt-to-equity ratio of 0.03. Northeast Bancorp has a 12-month low of $80.45 and a 12-month high of $142.31. The firm has a 50-day moving average price of $123.11 and a 200 day moving average price of $114.45. The firm has a market capitalization of $1.02 billion, a P/E ratio of 10.68 and a beta of 0.58.

Northeast Bancorp (NASDAQ:NBN) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $3.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.53. Northeast Bancorp had a net margin of 25.96% and a return on equity of 18.63%. The firm had revenue of $66.62 million during the quarter, compared to analyst estimates of $61.49 million.

Northeast Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Northeast Bancorp’s dividend payout ratio is currently 0.34%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Northeast Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Piper Sandler assumed coverage on shares of Northeast Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $133.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northeast Bancorp in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Northeast Bancorp from $120.00 to $128.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Northeast Bancorp currently has an average rating of “Moderate Buy” and an average target price of $130.50.

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.