Bank of New York Mellon Corp Has $3.14 Million Holdings in Northeast Bank (NASDAQ:NBN)

Bank of New York Mellon Corp increased its stake in Northeast Bank (NASDAQ:NBN) by 4.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 51,561 shares of the financial services provider’s stock after purchasing an additional 2,175 shares during the quarter. Bank of New York Mellon Corp’s holdings in Northeast Bank were worth $3,138,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in NBN. Ellsworth Advisors LLC lifted its holdings in Northeast Bank by 5.0% during the 2nd quarter. Ellsworth Advisors LLC now owns 12,613 shares of the financial services provider’s stock valued at $768,000 after purchasing an additional 598 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Northeast Bank during the 2nd quarter valued at $373,000. Enterprise Bank & Trust Co acquired a new stake in Northeast Bank during the 2nd quarter valued at $201,000. Boston Partners lifted 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 valued at $766,000 after purchasing an additional 689 shares during the last quarter. Finally, Western Standard LLC lifted its holdings in Northeast Bank by 57.5% during the 1st quarter. Western Standard LLC now owns 46,150 shares of the financial services provider’s stock valued at $2,554,000 after purchasing an additional 16,850 shares during the last quarter.

Northeast Bank Price Performance

NBN opened at $69.53 on Monday. Northeast Bank has a fifty-two week low of $42.48 and a fifty-two week high of $74.85. The stock has a fifty day moving average of $67.46 and a 200-day moving average of $59.38.

Northeast Bank (NASDAQ:NBN) last posted its earnings results on Monday, July 29th. The financial services provider reported $1.91 earnings per share for the quarter. The firm had revenue of $68.66 million for the quarter. During the same period in the prior year, the company earned $1.61 earnings per share.

Northeast Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.06%. The ex-dividend date of this dividend was Friday, August 9th. Northeast Bank’s payout ratio is currently 0.55%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reaffirmed an “overweight” rating and set a $80.00 price target on shares of Northeast Bank in a report on Wednesday, September 11th.

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.