Connor Clark & Lunn Investment Management Ltd. Acquires 3,780 Shares of Northeast Bank (NASDAQ:NBN)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Northeast Bank (NASDAQ:NBN - Free Report) by 51.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,072 shares of the financial services provider's stock after acquiring an additional 3,780 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.13% of Northeast Bank worth $1,016,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets boosted its position in shares of 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 buying an additional 442 shares during the period. R Squared Ltd acquired a new position in Northeast Bank during the 4th quarter worth approximately $41,000. Foundry Partners LLC boosted its position in Northeast Bank by 0.9% during the 3rd quarter. Foundry Partners LLC now owns 74,127 shares of the financial services provider's stock worth $5,717,000 after acquiring an additional 695 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Northeast Bank by 0.5% in the third quarter. Geode Capital Management LLC now owns 153,470 shares of the financial services provider's stock valued at $11,840,000 after purchasing an additional 801 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Northeast Bank by 4.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,875 shares of the financial services provider's stock valued at $1,823,000 after purchasing an additional 892 shares during the last quarter.

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Analyst Ratings Changes

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

Northeast Bank Stock Performance

NBN traded up $2.95 on Monday, hitting $94.90. 32,986 shares of the company were exchanged, compared to its average volume of 41,322. The stock's fifty day moving average is $99.01 and its 200-day moving average is $91.89. The company has a market cap of $778.75 million, a PE ratio of 11.05 and a beta of 1.06. Northeast Bank has a 12 month low of $50.02 and a 12 month high of $110.35.

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

Northeast Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.01 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Northeast Bank's dividend payout ratio is presently 0.47%.

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.