Basswood Capital Management L.L.C. Lowers Stake in Northeast Bank (NASDAQ:NBN)

Basswood Capital Management L.L.C. cut its stake in Northeast Bank (NASDAQ:NBN) by 86.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,107 shares of the financial services provider’s stock after selling 198,070 shares during the period. Basswood Capital Management L.L.C.’s holdings in Northeast Bank were worth $2,399,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Northeast Bank by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 350,434 shares of the financial services provider’s stock worth $19,393,000 after acquiring an additional 5,801 shares in the last quarter. Boston Partners increased its holdings in Northeast Bank by 5.2% during the 1st quarter. Boston Partners now owns 13,839 shares of the financial services provider’s stock worth $766,000 after purchasing an additional 689 shares during the period. Enterprise Bank & Trust Co bought a new stake in Northeast Bank during the 2nd quarter valued at $201,000. Assenagon Asset Management S.A. bought a new stake in Northeast Bank during the 2nd quarter valued at $373,000. Finally, Ellsworth Advisors LLC lifted its holdings in shares of Northeast Bank by 5.0% in the 2nd quarter. Ellsworth Advisors LLC now owns 12,613 shares of the financial services provider’s stock worth $768,000 after buying an additional 598 shares during the period.

Northeast Bank Price Performance

NBN stock opened at $98.45 on Monday. The firm has a 50-day simple moving average of $88.31 and a two-hundred day simple moving average of $72.31. Northeast Bank has a one year low of $49.07 and a one year high of $105.44.

Northeast Bank (NASDAQ:NBN) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.34. The firm had revenue of $73.97 million during the quarter, compared to analysts’ expectations of $38.20 million. During the same period in the prior year, the firm posted $2.01 earnings per share.

Northeast Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date was Tuesday, November 12th. Northeast Bank’s dividend payout ratio is currently 0.52%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NBN shares. Piper Sandler restated an “overweight” rating and issued a $80.00 price objective on shares of Northeast Bank in a report on Wednesday, September 11th. Keefe, Bruyette & Woods assumed coverage on shares of Northeast Bank in a report on Thursday, November 21st. They issued a “market perform” rating and a $102.00 price target for the company.

Northeast Bank 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.