Northeast Bank (NASDAQ:NBN) Sees Unusually-High Trading Volume – Here’s Why

Northeast Bank (NASDAQ:NBN) shares saw unusually-strong trading volume on Tuesday . Approximately 40,024 shares traded hands during trading, a decline of 2% from the previous session’s volume of 40,666 shares.The stock last traded at $91.05 and had previously closed at $92.49.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective on shares of Northeast Bank from $102.00 to $115.00 and gave the company a “market perform” rating in a research note on Monday, February 10th.

Northeast Bank Stock Performance

The firm has a market cap of $773.01 million, a P/E ratio of 10.97 and a beta of 1.06. The company’s 50 day moving average is $99.01 and its 200 day moving average is $91.42.

Northeast Bank (NASDAQ:NBN) last released its quarterly earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend was Tuesday, February 18th. Northeast Bank’s payout ratio is currently 0.47%.

Institutional Investors Weigh In On Northeast Bank

A number of large investors have recently bought and sold shares of the stock. Picton Mahoney Asset Management grew its holdings in shares of Northeast Bank by 57.6% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock valued at $30,000 after buying an additional 118 shares during the last quarter. R Squared Ltd acquired a new position in shares of Northeast Bank during the fourth quarter valued at about $41,000. Quantbot Technologies LP acquired a new position in shares of Northeast Bank during the third quarter valued at about $76,000. Point72 Asset Management L.P. acquired a new position in shares of Northeast Bank during the fourth quarter valued at about $127,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Northeast Bank during the fourth quarter valued at about $128,000.

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.