Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Northeast Bank (NASDAQ:NBN)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Northeast Bank (NASDAQ:NBN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,292 shares of the financial services provider’s stock, valued at approximately $562,000.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC acquired a new position in Northeast Bank in the third quarter worth approximately $185,000. Enterprise Bank & Trust Co bought a new stake in Northeast Bank in the second quarter worth approximately $201,000. AQR Capital Management LLC acquired a new position in shares of Northeast Bank during the 2nd quarter worth $212,000. Squarepoint Ops LLC bought a new position in shares of Northeast Bank during the 2nd quarter valued at $229,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Northeast Bank by 145.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,972 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 2,947 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NBN shares. Piper Sandler reissued an “overweight” rating and set a $80.00 target price on shares of Northeast Bank in a research report on Wednesday, September 11th. Keefe, Bruyette & Woods began coverage on Northeast Bank in a report on Thursday, November 21st. They set a “market perform” rating and a $102.00 price objective on the stock.

Northeast Bank Price Performance

NASDAQ:NBN opened at $98.45 on Friday. The company’s 50 day moving average is $88.31 and its 200-day moving average is $72.07. Northeast Bank has a 12 month low of $49.07 and a 12 month high of $105.44.

Northeast Bank (NASDAQ:NBN) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $2.11 EPS for the quarter, topping the consensus estimate of $1.77 by $0.34. The firm had revenue of $73.97 million during the quarter, compared to the consensus estimate of $38.20 million. During the same quarter last year, the business earned $2.01 EPS.

Northeast Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were given a dividend of $0.01 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Northeast Bank’s dividend payout ratio is presently 0.52%.

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.