Downgrades Northeast Bank (NASDAQ:NBN) to Maintain It


Northeast shore (NASDAQ:NBNGet a rating) was downgraded by from a “buy” rating to a “hold” rating in a research note released Thursday.

Shares of Northeast Bank Action opened at $38.22 on Thursday. The company has a market capitalization of $318.75 million, a price-earnings ratio of 4.15 and a beta of 1.54. Northeast Bank has a 52-week low of $27.26 and a 52-week high of $41.05. The company’s 50-day simple moving average is $35.37 and its 200-day simple moving average is $35.56.

Northeast shore (NASDAQ:NBNGet a rating) last released its results on Monday, April 25. The financial services provider reported earnings per share (EPS) of $1.36 for the quarter, beating Thomson Reuters consensus estimate of $1.17 by $0.19. During the same period last year, the company posted EPS of $4.06.

Several hedge funds and other institutional investors have recently changed their positions in the stock. Citigroup Inc. bought a new position in Northeast Bank in Q4, valued at around $152,000. Cubist Systematic Strategies LLC bought a new position in Northeast Bank stock in the third quarter worth $205,000. JPMorgan Chase & Co. increased its stake in Northeast Bank shares by 239.7% during the 4th quarter. JPMorgan Chase & Co. now owns 6,827 shares of the financial services provider worth $244,000 after buying 4,817 additional shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Northeast Bank stock in Q4 for approximately $258,000. Finally, Qube Research & Technologies Ltd bought a new stake in the shares of Northeast Bank in the 4th quarter for a value of approximately $279,000. Hedge funds and other institutional investors hold 53.88% of the company’s shares.

About the Northeast Rim (Get a rating)

Northeast Bank provides banking services to individuals and businesses in Maine. The Company’s deposit products include demand deposits, NOW, money market, savings, certificates of deposit and individual retirement accounts, as well as checking accounts. Its loan portfolio includes residential mortgage loans; multi-family real estate loans and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans made up of mobile homes and overdrafts, and loans guaranteed by deposit; and small business administration loans.

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