Northeast Bank (NASDAQ:NBN) Short Interest Up 28.8% in March

by · The Cerbat Gem

Northeast Bank (NASDAQ:NBN – Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 148,600 shares, a growth of 28.8% from the March 15th total of 115,400 shares. Approximately 2.1% of the shares of the stock are short sold. Based on an average trading volume of 47,300 shares, the short-interest ratio is presently 3.1 days.

Analyst Ratings Changes

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 report on Monday, February 10th.

View Our Latest Stock Analysis on NBN

Northeast Bank Trading Up 1.8 %

Shares of NBN traded up $1.59 during mid-day trading on Friday, reaching $89.06. The company’s stock had a trading volume of 47,418 shares, compared to its average volume of 42,766. The stock has a market cap of $730.83 million, a PE ratio of 10.37 and a beta of 0.85. The company’s fifty day moving average price is $92.97 and its two-hundred day moving average price is $94.16. Northeast Bank has a 52 week low of $50.92 and a 52 week high of $110.35.

Northeast Bank (NASDAQ:NBN – Get Free Report) last posted its earnings results on Thursday, February 6th. The financial services provider reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.18.

Northeast Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 4th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.01 per share. 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 payout ratio is currently 0.47%.

Institutional Trading of Northeast Bank

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management increased its stake in shares of Northeast Bank by 57.6% in 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 in the last quarter. R Squared Ltd purchased a new position in Northeast Bank during the fourth quarter valued at $41,000. Point72 Asset Management L.P. bought a new position in Northeast Bank in the 4th quarter worth about $127,000. KLP Kapitalforvaltning AS purchased a new position in Northeast Bank in the fourth quarter worth about $128,000. Finally, Federated Hermes Inc. lifted its stake in shares of Northeast Bank by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider’s stock worth $143,000 after buying an additional 479 shares in the last quarter.

About Northeast Bank

(Get Free Report)

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.

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