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

Northeast Bank (NASDAQ:NBN) was the target of a large growth in short interest during 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 days-to-cover ratio is currently 2.1 days. Currently, 1.5% of the shares of the stock are short sold.

Institutional Investors Weigh In On Northeast Bank

Hedge funds have recently modified their holdings of the company. Royce & Associates LP acquired a new position in shares of Northeast Bank in the fourth quarter valued at approximately $4,820,000. Congress Wealth Management LLC DE purchased a new stake in Northeast Bank in the 4th quarter worth approximately $3,183,000. Citadel Advisors LLC acquired a new position in Northeast Bank in the 4th quarter valued at $3,114,000. JPMorgan Chase & Co. lifted its stake in shares of Northeast Bank by 113.8% during the 4th quarter. JPMorgan Chase & Co. now owns 59,222 shares of the financial services provider’s stock worth $5,432,000 after purchasing an additional 31,523 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Northeast Bank by 17.1% during the fourth quarter. American Century Companies Inc. now owns 172,538 shares of the financial services provider’s stock worth $15,827,000 after purchasing an additional 25,220 shares during the last quarter.

Northeast Bank Stock Up 0.8 %

Shares of Northeast Bank stock traded up $0.71 during trading on Wednesday, hitting $93.28. 4,467 shares of the company were exchanged, 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 firm has a 50 day moving average price of $99.00 and a 200 day moving average price of $91.40. The stock has a market capitalization of $765.46 million, a price-to-earnings ratio of 10.88 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 for the quarter, topping the consensus estimate of $2.56 by $0.18.

Northeast Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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.