Summit Global Investments Buys New Shares in Northeast Bank (NASDAQ:NBN)

Summit Global Investments bought a new stake in Northeast Bank (NASDAQ:NBN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,535 shares of the financial services provider’s stock, valued at approximately $783,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Picton Mahoney Asset Management boosted its position in Northeast Bank by 57.6% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 118 shares during the period. R Squared Ltd bought a new position in Northeast Bank during the fourth quarter worth $41,000. Quantbot Technologies LP bought a new position in Northeast Bank during the third quarter worth $76,000. BNP Paribas Financial Markets boosted its position in Northeast Bank by 36.7% during the third quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 442 shares during the period. Finally, AlphaQuest LLC boosted its position in Northeast Bank by 12,410.5% during the fourth quarter. AlphaQuest LLC now owns 2,377 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 2,358 shares during the period.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their target price on Northeast Bank from $102.00 to $115.00 and gave the stock a “market perform” rating in a report on Monday, February 10th.

Northeast Bank Stock Performance

NBN opened at $91.95 on Monday. Northeast Bank has a fifty-two week low of $50.02 and a fifty-two week high of $110.35. The company has a market capitalization of $754.54 million, a P/E ratio of 10.70 and a beta of 1.06. The stock has a fifty day moving average of $99.01 and a 200-day moving average of $91.89.

Northeast Bank (NASDAQ:NBN) last posted its earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.18.

Northeast Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend was Tuesday, February 18th. Northeast Bank’s dividend payout ratio (DPR) is presently 0.47%.

Northeast Bank Company Profile

Northeast Bank provides banking services to individual and corporate customers in Maine. The company's deposit products include demand deposit, NOW, money market, savings, certificate of deposit, and individual retirement accounts, as well as checking accounts. Its loan portfolio comprises residential mortgage loans; multi-family and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans comprising mobile home and overdraft, and deposit-secured loans; and small business administration loans.