Polymer Capital Management US LLC Takes $238,000 Position in Northeast Bank (NASDAQ:NBN)

Polymer Capital Management US LLC bought a new position in shares of Northeast Bank (NASDAQ:NBN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,599 shares of the financial services provider’s stock, valued at approximately $238,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Northeast Bank by 5.3% during the 4th quarter. Vanguard Group Inc. now owns 382,996 shares of the financial services provider’s stock worth $35,132,000 after purchasing an additional 19,279 shares during the period. American Century Companies Inc. increased its position in shares of Northeast Bank by 17.1% in the 4th quarter. American Century Companies Inc. now owns 172,538 shares of the financial services provider’s stock worth $15,827,000 after purchasing an additional 25,220 shares during the last quarter. Geode Capital Management LLC raised its stake in Northeast Bank by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 158,171 shares of the financial services provider’s stock valued at $14,513,000 after buying an additional 4,701 shares in the last quarter. State Street Corp raised its position in shares of Northeast Bank by 6.3% during the 3rd quarter. State Street Corp now owns 144,591 shares of the financial services provider’s stock valued at $11,152,000 after acquiring an additional 8,518 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Northeast Bank by 113.8% during the fourth quarter. JPMorgan Chase & Co. now owns 59,222 shares of the financial services provider’s stock worth $5,432,000 after purchasing an additional 31,523 shares during the period.

Northeast Bank Stock Performance

Shares of NBN stock opened at $84.47 on Tuesday. The stock has a fifty day moving average of $96.88 and a two-hundred day moving average of $93.55. The firm has a market capitalization of $693.16 million, a PE ratio of 9.83 and a beta of 0.85. Northeast Bank has a 1 year low of $50.02 and a 1 year high of $110.35.

Northeast Bank (NASDAQ:NBN) last issued its quarterly earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.18.

Northeast Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date was Tuesday, February 18th. Northeast Bank’s payout ratio is 0.47%.

Analysts Set New Price Targets

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

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.