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

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

Northeast Bank Price Performance

NBN opened at $91.79 on Tuesday. The business’s 50-day moving average is $99.00 and its two-hundred day moving average is $91.24. Northeast Bank has a 1 year low of $49.97 and a 1 year high of $110.35. The firm has a market capitalization of $753.23 million, a PE ratio of 10.69 and a beta of 1.06.

Northeast Bank (NASDAQ:NBN) last posted its earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. Northeast Bank’s payout ratio is 0.47%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target on Northeast Bank from $102.00 to $115.00 and gave the company a “market perform” rating in a research note on Monday, February 10th.

Institutional Investors Weigh In On Northeast Bank

Large investors have recently modified their holdings of the business. Picton Mahoney Asset Management grew its stake in shares of Northeast Bank by 57.6% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 118 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Northeast Bank during the fourth quarter worth about $41,000. Quantbot Technologies LP acquired a new stake in shares of Northeast Bank during the third quarter worth about $76,000. BNP Paribas Financial Markets lifted its holdings in shares of Northeast Bank by 36.7% during the third quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 442 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Northeast Bank during the fourth quarter worth about $127,000.

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.