Keefe, Bruyette & Woods Initiates Coverage on Northeast Bank (NASDAQ:NBN)

Analysts at Keefe, Bruyette & Woods assumed coverage on shares of Northeast Bank (NASDAQ:NBN) in a research note issued to investors on Thursday, Marketbeat reports. The firm set a “market perform” rating and a $102.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 0.59% from the stock’s previous close.

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

Northeast Bank Stock Performance

Shares of NBN opened at $101.40 on Thursday. The company’s fifty day moving average is $84.79 and its 200 day moving average is $70.21. Northeast Bank has a fifty-two week low of $49.07 and a fifty-two week high of $105.44.

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

Hedge Funds Weigh In On Northeast Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its stake in Northeast Bank by 82.2% in the first quarter. BNP Paribas Financial Markets now owns 3,640 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,642 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Northeast Bank by 5.8% in the 1st quarter. Russell Investments Group Ltd. now owns 63,165 shares of the financial services provider’s stock worth $3,496,000 after purchasing an additional 3,459 shares during the period. Vanguard Group Inc. boosted its stake in shares of Northeast Bank by 1.7% during the first quarter. Vanguard Group Inc. now owns 350,434 shares of the financial services provider’s stock valued at $19,393,000 after purchasing an additional 5,801 shares in the last quarter. Western Standard LLC increased its holdings in Northeast Bank by 57.5% during the first quarter. Western Standard LLC now owns 46,150 shares of the financial services provider’s stock valued at $2,554,000 after buying an additional 16,850 shares during the period. Finally, Boston Partners raised its stake in 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 buying an additional 689 shares in the last quarter.

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.