Northeast Bank (NASDAQ:NBN) Sees Large Increase in Short Interest

Northeast Bank (NASDAQ:NBN) was the target of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 104,200 shares, a growth of 23.8% from the February 13th total of 84,200 shares. Based on an average daily trading volume, of 50,200 shares, the short-interest ratio is presently 2.1 days. Currently, 1.5% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Picton Mahoney Asset Management grew its stake in shares of Northeast Bank by 57.6% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 118 shares during the period. R Squared Ltd acquired a new position in Northeast Bank during the fourth quarter worth about $41,000. Quantbot Technologies LP purchased a new position in Northeast Bank in the third quarter valued at about $76,000. Point72 Asset Management L.P. acquired a new stake in shares of Northeast Bank during the 4th quarter valued at approximately $127,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Northeast Bank during the 4th quarter worth approximately $128,000.

Northeast Bank Price Performance

Shares of NBN stock traded up $0.71 during mid-day trading on Wednesday, hitting $93.28. The stock had a trading volume of 4,467 shares, compared to its average volume of 40,662. Northeast Bank has a fifty-two week low of $50.02 and a fifty-two week high of $110.35. The company’s 50-day simple moving average is $99.00 and its 200-day simple moving average is $91.40. The firm has a market cap of $765.46 million, a PE ratio of 10.88 and a beta of 1.06.

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

Northeast Bank Announces Dividend

The firm also recently disclosed 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 0.04%. The ex-dividend date of this dividend was Tuesday, February 18th. Northeast Bank’s dividend payout ratio is presently 0.47%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective on Northeast Bank from $102.00 to $115.00 and gave the stock a “market perform” rating in a research 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.