Northeast Bancorp (NBN) Declares $0.01 Dividend

Northeast Bancorp said on April 24, 2023 that its board of directors declared a regular quarterly dividend of $0.01 per share ($0.04 annualized). Previously, the company paid $0.01 per share.

Shares must be purchased before the ex-div date of May 4, 2023 to qualify for the dividend. Shareholders of record as of May 5, 2023 will receive the payment on May 19, 2023.

At the current share price of $36.25 / share, the stock's dividend yield is 0.11%. Looking back five years and taking a sample every week, the average dividend yield has been 0.17%, the lowest has been 0.08%, and the highest has been 0.38%. The standard deviation of yields is 0.05 (n=236).

The current dividend yield is 1.02 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.01. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

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What is the Fund Sentiment?

There are 225 funds or institutions reporting positions in Northeast Bancorp. This is an increase of 9 owner(s) or 4.17% in the last quarter. Average portfolio weight of all funds dedicated to NBN is 0.11%, an increase of 8.91%. Total shares owned by institutions decreased in the last three months by 1.58% to 5,159K shares.

Analyst Price Forecast Suggests 57.57% Upside

As of April 24, 2023, the average one-year price target for Northeast Bancorp is 57.12. The forecasts range from a low of 56.56 to a high of $58.80. The average price target represents an increase of 57.57% from its latest reported closing price of 36.25.

See our leaderboard of companies with the largest price target upside.

What are Other Shareholders Doing?

Basswood Capital Management, L.l.c. holds 382K shares representing 5.09% ownership of the company. In it's prior filing, the firm reported owning 424K shares, representing a decrease of 10.83%. The firm increased its portfolio allocation in NBN by 4.38% over the last quarter.

Price Jennifer C. holds 232K shares representing 3.08% ownership of the company. No change in the last quarter.

Endeavour Capital Advisors holds 212K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 216K shares, representing a decrease of 2.32%. The firm increased its portfolio allocation in NBN by 30.30% over the last quarter.

Pacific Ridge Capital Partners holds 208K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 186K shares, representing an increase of 10.58%. The firm increased its portfolio allocation in NBN by 16.80% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 206K shares representing 2.75% ownership of the company. In it's prior filing, the firm reported owning 204K shares, representing an increase of 0.98%. The firm increased its portfolio allocation in NBN by 7.08% over the last quarter.

Northeast Bank Background Information
(This description is provided by the company.)

Northeast Bank is a full-service bank headquartered in Portland, Maine. Northeast Bank offers personal and business banking services to the Maine market via nine branches. Its National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide.

This story originally appeared on Fintel.