Arrowstreet Capital Limited Partnership Cuts Stake in Northeast Bank (NASDAQ:NBN)

Arrowstreet Capital Limited Partnership reduced its stake in Northeast Bank (NASDAQ:NBN - Free Report) by 32.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,148 shares of the financial services provider's stock after selling 17,168 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.43% of Northeast Bank worth $3,224,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Picton Mahoney Asset Management raised its stake in Northeast Bank by 57.6% during 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 purchased a new position in Northeast Bank in the fourth quarter worth about $41,000. BNP Paribas Financial Markets increased its stake in Northeast Bank by 36.7% during the third quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider's stock worth $127,000 after acquiring an additional 442 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Northeast Bank during the fourth quarter valued at approximately $128,000. Finally, Quantbot Technologies LP lifted its stake in shares of Northeast Bank by 121.2% in the 4th quarter. Quantbot Technologies LP now owns 2,190 shares of the financial services provider's stock valued at $201,000 after purchasing an additional 1,200 shares during the last quarter.

Northeast Bank Stock Up 1.5 %

NASDAQ:NBN traded up $1.25 during mid-day trading on Tuesday, hitting $86.11. 7,577 shares of the stock traded hands, compared to its average volume of 42,308. The stock has a market capitalization of $706.60 million, a price-to-earnings ratio of 9.97 and a beta of 0.85. Northeast Bank has a 52 week low of $50.02 and a 52 week high of $110.35. The firm's 50 day moving average is $94.52 and its two-hundred day moving average is $93.94.

Northeast Bank (NASDAQ:NBN - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.05%. The ex-dividend date of this dividend was Tuesday, February 18th. Northeast Bank's payout ratio is presently 0.47%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price target on Northeast Bank from $102.00 to $115.00 and gave the company a "market perform" rating in a report on Monday, February 10th.

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.