Northeast Community Bancorp (OTCMKTS:NECB) Raised to Buy at Zacks Investment Research

Northeast Community Bancorp (OTCMKTS:NECBGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The brokerage presently has a $12.00 price target on the savings and loans company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.53% from the stock’s previous close.

According to Zacks, “Northeast Community Bancorp, Inc. is a federally chartered stock holding company established to be the holding company for Northeast Community Bank. Northeast Community Bancorp’s business activity is the ownership of the outstanding capital stock of the Bank. Northeast Community Bancorp, MHC is the Company’s federally chartered mutual holding company parent. As a mutual holding company, the MHC is a non-stock company that has as its members the depositors of the Bank. The Company operates as a community-oriented financial institution offering traditional financial services to consumers and businesses in its market area and its lending territory. Northeast Community Bank operates six full-service offices in New York and a loan production office in Wellesley, Massachusetts. “

Separately, TheStreet lowered Northeast Community Bancorp from a “b-” rating to a “c+” rating in a research note on Friday, May 27th.

Shares of OTCMKTS:NECB opened at $11.16 on Friday. Northeast Community Bancorp has a 12-month low of $10.02 and a 12-month high of $16.35. The business’s fifty day simple moving average is $11.20 and its 200-day simple moving average is $11.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $182.78 million, a PE ratio of 12.98 and a beta of 0.68.

Northeast Community Bancorp (OTCMKTS:NECBGet Rating) last issued its quarterly earnings results on Wednesday, April 27th. The savings and loans company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Northeast Community Bancorp had a return on equity of 5.38% and a net margin of 23.74%. Research analysts predict that Northeast Community Bancorp will post 1.11 EPS for the current year.

In other news, CEO Kenneth A. Martinek acquired 10,000 shares of the company’s stock in a transaction on Friday, May 20th. The shares were bought at an average price of $10.83 per share, with a total value of $108,300.00. Following the completion of the acquisition, the chief executive officer now owns 30,000 shares in the company, valued at approximately $324,900. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kenneth A. Martinek acquired 4,000 shares of the company’s stock in a transaction on Monday, May 23rd. The shares were purchased at an average cost of $11.00 per share, for a total transaction of $44,000.00. Following the acquisition, the chief executive officer now owns 34,000 shares of the company’s stock, valued at approximately $374,000. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 24,423 shares of company stock worth $267,366. Insiders own 0.92% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NECB. UBS Group AG purchased a new position in shares of Northeast Community Bancorp during the third quarter worth about $31,000. Geneos Wealth Management Inc. purchased a new position in shares of Northeast Community Bancorp during the first quarter worth about $37,000. Geode Capital Management LLC purchased a new position in shares of Northeast Community Bancorp during the third quarter worth about $114,000. Millennium Management LLC acquired a new stake in Northeast Community Bancorp in the third quarter valued at about $118,000. Finally, Eidelman Virant Capital acquired a new stake in Northeast Community Bancorp in the first quarter valued at about $122,000. 30.10% of the stock is currently owned by hedge funds and other institutional investors.

Northeast Community Bancorp Company Profile (Get Rating)

Northeast Community Bancorp, Inc operates as the holding company for NorthEast Community Bank that provides financial services for individuals and businesses. It accepts various deposit instruments, including checking accounts, money market accounts, regular savings accounts, and non-interest bearing demand accounts.

Read More

Get a free copy of the Zacks research report on Northeast Community Bancorp (NECB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Want More Great Investing Ideas?

Receive News & Ratings for Northeast Community Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northeast Community Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.