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

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

Northeast Bank Price Performance

Shares of NASDAQ 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. The business’s 50-day moving average is $81.04 and its 200 day moving average is $68.42. Northeast Bank has a 52 week low of $49.07 and a 52 week high of $105.44.

Northeast Bank (NASDAQ:NBN) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.77 by $0.34. The company had revenue of $73.97 million for the quarter, compared to analysts’ expectations of $38.20 million. During the same period in the prior year, the company earned $2.01 earnings per share.

Northeast Bank Announces Dividend

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Northeast Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in NBN. Allspring Global Investments Holdings LLC raised its holdings in shares of Northeast Bank by 3,166.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,025 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 1,963 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Northeast Bank by 82.2% in the first quarter. BNP Paribas Financial Markets now owns 3,640 shares of the financial services provider’s stock worth $201,000 after buying an additional 1,642 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Northeast Bank by 17.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,349 shares of the financial services provider’s stock worth $1,071,000 after acquiring an additional 2,848 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Northeast Bank by 5.8% during the 1st quarter. Russell Investments Group Ltd. now owns 63,165 shares of the financial services provider’s stock worth $3,496,000 after acquiring an additional 3,459 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Northeast Bank by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 350,434 shares of the financial services provider’s stock valued at $19,393,000 after acquiring an additional 5,801 shares during the last quarter.

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.