Northeast Bank (NASDAQ:NBN) Upgraded at StockNews.com


Northeast Bank (NASDAQ:NBNGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

NASDAQ:NBN opened at $35.93 on Thursday. The business’s 50-day moving average price is $35.31 and its 200 day moving average price is $35.53. The firm has a market cap of $299.66 million, a P/E ratio of 5.51 and a beta of 1.37. Northeast Bank has a 52-week low of $28.02 and a 52-week high of $41.05.

Northeast Bank (NASDAQ:NBNGet Rating) last released its earnings results on Monday, April 25th. The financial services provider reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.19. During the same period last year, the business earned $4.06 EPS.

Several institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new stake in shares of Northeast Bank during the first quarter valued at approximately $27,000. Citigroup Inc. purchased a new position in Northeast Bank during the 4th quarter worth approximately $152,000. Cubist Systematic Strategies LLC acquired a new stake in Northeast Bank during the 3rd quarter valued at $205,000. JPMorgan Chase & Co. lifted its holdings in shares of Northeast Bank by 239.7% in the fourth quarter. JPMorgan Chase & Co. now owns 6,827 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 4,817 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Northeast Bank in the fourth quarter worth $258,000. 50.04% of the stock is currently owned by institutional investors and hedge funds.

About Northeast Bank (Get Rating)

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.

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