Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Northeast Bank (NASDAQ:NBN) Stock

Northeast Bank (NASDAQ:NBN) had its target price upped by research analysts at Keefe, Bruyette & Woods from $102.00 to $115.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 6.83% from the stock’s previous close.

Northeast Bank Stock Up 0.7 %

Shares of NBN stock opened at $107.65 on Monday. The stock has a 50-day simple moving average of $97.77 and a 200 day simple moving average of $85.88. The stock has a market capitalization of $883.81 million, a P/E ratio of 12.53 and a beta of 1.08. Northeast Bank has a fifty-two week low of $49.07 and a fifty-two week high of $110.35.

Northeast Bank (NASDAQ:NBN) last posted 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.

Hedge Funds Weigh In On Northeast Bank

Several institutional investors and hedge funds have recently bought and sold shares of the business. Picton Mahoney Asset Management grew its stake in Northeast Bank by 57.6% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 118 shares in the last quarter. R Squared Ltd bought a new position in Northeast Bank during the fourth quarter worth $41,000. Quantbot Technologies LP acquired a new position in shares of Northeast Bank during the third quarter valued at about $76,000. BNP Paribas Financial Markets raised its holdings in Northeast Bank by 36.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 442 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Northeast Bank in the fourth quarter valued at $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.