Short Interest in Northeast Bank (NASDAQ:NBN) Declines By 17.8%

Northeast Bank (NASDAQ:NBN) was the target of a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 84,200 shares, a drop of 17.8% from the January 31st total of 102,400 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average trading volume of 53,000 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods increased their price target 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.

Northeast Bank Stock Down 1.6 %

Shares of NASDAQ NBN traded down $1.45 during trading hours on Friday, hitting $91.88. 14,207 shares of the stock were exchanged, compared to its average volume of 47,641. Northeast Bank has a 12 month low of $49.07 and a 12 month high of $110.35. The firm has a fifty day moving average price of $99.17 and a 200-day moving average price of $89.83. The company has a market cap of $753.93 million, a PE ratio of 10.70 and a beta of 1.06.

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

Northeast Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Shareholders of record on Tuesday, February 18th were paid a $0.01 dividend. 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 (DPR) is presently 0.47%.

Institutional Investors Weigh In On Northeast Bank

A number of large investors have recently modified their holdings of the business. Picton Mahoney Asset Management lifted its position in 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 acquiring an additional 118 shares during the period. 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 boosted its position in Northeast Bank by 36.7% in the third quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock valued at $127,000 after buying an additional 442 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Northeast Bank in the 4th quarter worth approximately $127,000.

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.