Acadian Asset Management LLC Sells 22,145 Shares of Northeast Bank (NASDAQ:NBN)

Acadian Asset Management LLC decreased its holdings in shares of Northeast Bank (NASDAQ:NBN) by 80.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,509 shares of the financial services provider’s stock after selling 22,145 shares during the quarter. Acadian Asset Management LLC’s holdings in Northeast Bank were worth $335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NBN. Allspring Global Investments Holdings LLC boosted its position in shares of Northeast Bank by 3,166.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,025 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 1,963 shares during the period. BNP Paribas Financial Markets boosted its holdings in Northeast Bank by 82.2% in the 1st quarter. BNP Paribas Financial Markets now owns 3,640 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 1,642 shares during the period. Enterprise Bank & Trust Co bought a new position in Northeast Bank in the 2nd quarter valued at $201,000. Assenagon Asset Management S.A. purchased a new position in shares of Northeast Bank during the 2nd quarter valued at $373,000. Finally, Boston Partners increased its holdings in shares of Northeast Bank by 5.2% in the first 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.

Analyst Ratings Changes

Separately, Piper Sandler reissued an “overweight” rating and set a $80.00 price objective on shares of Northeast Bank in a research note on Wednesday, September 11th.

Northeast Bank Stock Performance

NBN stock opened at $71.50 on Friday. The company’s 50 day moving average is $68.21 and its 200 day moving average is $59.77. Northeast Bank has a 1-year low of $42.48 and a 1-year high of $74.85.

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

Northeast Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.06%. The ex-dividend date of this dividend was Friday, August 9th. Northeast Bank’s dividend payout ratio (DPR) is currently 0.55%.

About Northeast Bank

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.