Summit Global Investments Acquires Shares of 8,535 Northeast Bank (NASDAQ:NBN)

Summit Global Investments bought a new stake in Northeast Bank (NASDAQ:NBN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,535 shares of the financial services provider's stock, valued at approximately $783,000. Summit Global Investments owned about 0.10% of Northeast Bank as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Picton Mahoney Asset Management grew its holdings in Northeast Bank by 57.6% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider's stock valued at $30,000 after buying an additional 118 shares during the period. BNP Paribas Financial Markets lifted its stake 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 purchasing an additional 442 shares in the last quarter. R Squared Ltd purchased a new position in Northeast Bank in the 4th quarter worth approximately $41,000. Geode Capital Management LLC increased its stake in Northeast Bank by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 153,470 shares of the financial services provider's stock worth $11,840,000 after buying an additional 801 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 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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Northeast Bank Stock Down 0.3 %

NBN traded down $0.27 during trading on Thursday, reaching $93.44. The stock had a trading volume of 18,067 shares, compared to its average volume of 41,075. The stock has a 50 day moving average of $98.89 and a two-hundred day moving average of $92.28. Northeast Bank has a 1-year low of $50.02 and a 1-year high of $110.35. The firm has a market capitalization of $766.77 million, a price-to-earnings ratio of 10.88 and a beta of 1.06.

Northeast Bank (NASDAQ:NBN - Get Free Report) last announced its quarterly earnings results 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 Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.