Northeast Bank (NASDAQ:NBN – Get a Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note released Thursday to investors.
NASDAQ:NBN opened at $35.93 on Thursday. The company’s 50-day moving average price is $35.31 and its 200-day moving average price is $35.53. The company has a market capitalization 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:NBN – Get Rating) last released its results on Monday, April 25. The financial services provider reported earnings per share (EPS) of $1.36 for the quarter, beating analyst consensus estimates of $1.17 by $0.19. During the same period last year, the company achieved EPS of $4.06.
Several institutional investors have recently increased or reduced their stake in the company. Lazard Asset Management LLC acquired a new stake in Northeast Bank stock during the first quarter valued at approximately $27,000. Citigroup Inc. bought a new position in Northeast Bank during the 4th quarter for a value of approximately $152,000. Cubist Systematic Strategies LLC acquired a new stake in Northeast Bank during Q3 valued at $205,000. JPMorgan Chase & Co. increased its holdings of Northeast Bank shares by 239.7% in the fourth quarter. JPMorgan Chase & Co. now owns 6,827 shares of the financial services provider valued at $244,000 after buying 4,817 additional shares last quarter. Finally, Janney Montgomery Scott LLC acquired a new equity stake in Northeast Bank in the fourth quarter worth $258,000. 50.04% of the shares are currently held by institutional investors and hedge funds.
About the Northeast Rim (Get an evaluation)
Northeast Bank provides banking services to individuals and businesses in Maine. The Company’s deposit products include demand deposits, NOW, money market, savings, certificates of deposit and individual retirement accounts, as well as checking accounts. Its loan portfolio includes residential mortgages; multi-family real estate loans and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans made up of mobile homes and overdrafts, and loans guaranteed by deposit; and small business administration loans.
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