Northeast Bank (NASDAQ:NBN) Short Interest Down 29.7% in October

Northeast Bank (NASDAQ:NBN) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 47,800 shares, a decline of 29.7% from the October 15th total of 68,000 shares. Based on an average daily trading volume, of 41,500 shares, the short-interest ratio is currently 1.2 days. Approximately 0.7% of the company’s shares are short sold.

Institutional Investors Weigh In On Northeast Bank

A number of institutional investors have recently modified their holdings of the business. American Century Companies Inc. lifted its stake in Northeast Bank by 18.7% in the second quarter. American Century Companies Inc. now owns 126,748 shares of the financial services provider’s stock valued at $7,714,000 after buying an additional 19,947 shares during the last quarter. Western Standard LLC grew its position in Northeast Bank by 57.5% in the 1st quarter. Western Standard LLC now owns 46,150 shares of the financial services provider’s stock worth $2,554,000 after purchasing an additional 16,850 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Northeast Bank by 251.5% in the 3rd 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 period. Marshall Wace LLP acquired a new position in Northeast Bank during the 2nd quarter worth $631,000. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Northeast Bank in the second quarter worth $568,000.

Northeast Bank Trading Down 1.3 %

NBN traded down $1.30 during trading on Thursday, hitting $100.94. The company had a trading volume of 76,086 shares, compared to its average volume of 33,217. Northeast Bank has a 1-year low of $49.07 and a 1-year high of $105.44. The business has a 50-day moving average of $81.04 and a 200-day moving average of $68.42.

Northeast Bank (NASDAQ:NBN) last announced its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share for the quarter, beating 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 period in the prior year, the firm earned $2.01 earnings per share.

Northeast Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be given a $0.01 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. Northeast Bank’s payout ratio is currently 0.52%.

Wall Street Analysts Forecast Growth

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

Northeast Bank Company 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.