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

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

Institutional Investors Weigh In On Northeast Bank

A number of institutional investors have recently added to or reduced their stakes in NBN. Picton Mahoney Asset Management grew its position 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 valued at $30,000 after buying an additional 118 shares during the last quarter. R Squared Ltd bought a new stake in Northeast Bank in the fourth quarter valued at approximately $41,000. Quantbot Technologies LP bought a new stake in Northeast Bank in the third quarter valued at approximately $76,000. BNP Paribas Financial Markets increased its position in Northeast Bank by 36.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 442 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Northeast Bank in the 4th quarter worth approximately $127,000.

Analyst Ratings Changes

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

Northeast Bank Stock Down 1.9 %

Shares of NASDAQ NBN traded down $1.82 during midday trading on Thursday, reaching $93.41. 35,604 shares of the company were exchanged, compared to its average volume of 48,141. The stock’s 50-day moving average price is $99.15 and its 200-day moving average price is $89.81. The stock has a market cap of $766.53 million, a P/E ratio of 10.87 and a beta of 1.06. Northeast Bank has a one year low of $49.07 and a one year high of $110.35.

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

Northeast Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th were issued a $0.01 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. Northeast Bank’s dividend payout ratio (DPR) is presently 0.47%.

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.