Cornercap Investment Counsel Inc. Has $345,000 Holdings in Northeast Bank (NASDAQ:NBN)

Cornercap Investment Counsel Inc. lessened its stake in Northeast Bank (NASDAQ:NBN) by 52.1% in the third quarter, Holdings Channel reports. The firm owned 4,473 shares of the financial services provider’s stock after selling 4,861 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Northeast Bank were worth $345,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in Northeast Bank by 11.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,268 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 520 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Northeast Bank by 251.5% in the third quarter. Assenagon Asset Management S.A. now owns 21,554 shares of the financial services provider’s stock valued at $1,662,000 after acquiring an additional 15,422 shares during the last quarter. SG Americas Securities LLC bought a new position in Northeast Bank in the third quarter valued at about $185,000. AQR Capital Management LLC bought a new position in Northeast Bank in the second quarter valued at about $212,000. Finally, Squarepoint Ops LLC bought a new position in Northeast Bank in the second quarter valued at about $229,000.

Wall Street Analyst Weigh In

Separately, Piper Sandler reiterated an “overweight” rating and issued a $80.00 target price on shares of Northeast Bank in a research report on Wednesday, September 11th.

Northeast Bank Trading Down 1.4 %

Northeast Bank stock opened at $99.48 on Monday. The business’s 50-day moving average price is $82.35 and its two-hundred day moving average price is $69.10. Northeast Bank has a 12-month low of $49.07 and a 12-month high of $105.44.

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

Northeast Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend is Tuesday, November 12th. Northeast Bank’s dividend payout ratio (DPR) is currently 0.52%.

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.