Short Interest in Northeast Bank (NASDAQ:NBN) Drops By 17.3%

Northeast Bank (NASDAQ:NBN) saw a large drop in short interest in December. As of December 15th, there was short interest totalling 53,200 shares, a drop of 17.3% from the November 30th total of 64,300 shares. Currently, 0.8% of the shares of the company are sold short. Based on an average daily volume of 60,600 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NBN. Dimensional Fund Advisors LP boosted its holdings in Northeast Bank by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 422,573 shares of the financial services provider’s stock worth $25,716,000 after buying an additional 2,093 shares during the last quarter. Geode Capital Management LLC boosted its stake in Northeast Bank by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 153,470 shares of the financial services provider’s stock worth $11,840,000 after acquiring an additional 801 shares during the last quarter. State Street Corp grew its holdings in Northeast Bank by 6.3% during the third quarter. State Street Corp now owns 144,591 shares of the financial services provider’s stock valued at $11,152,000 after purchasing an additional 8,518 shares during the period. American Century Companies Inc. increased 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 purchasing an additional 19,947 shares in the last quarter. Finally, Foundry Partners LLC raised its holdings in Northeast Bank by 0.9% in the third quarter. Foundry Partners LLC now owns 74,127 shares of the financial services provider’s stock worth $5,717,000 after purchasing an additional 695 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NBN. Keefe, Bruyette & Woods began coverage on shares of Northeast Bank in a report on Thursday, November 21st. They issued a “market perform” rating and a $102.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $80.00 price target on shares of Northeast Bank in a research note on Wednesday, September 11th.

Northeast Bank Stock Up 0.4 %

NASDAQ NBN traded up $0.38 during trading hours on Monday, reaching $91.43. 18,050 shares of the company’s stock were exchanged, compared to its average volume of 36,393. The firm has a fifty day moving average of $95.67 and a 200-day moving average of $77.82. Northeast Bank has a one year low of $49.07 and a one year high of $105.44.

Northeast Bank (NASDAQ:NBN) last posted 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 company had revenue of $73.97 million during the quarter, compared to analyst estimates of $38.20 million. During the same quarter in the previous year, the business posted $2.01 EPS.

Northeast Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.01 per share. The ex-dividend date was 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%.

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.