Short Interest in Northeast Bank (NASDAQ:NBN) Expands By 28.8%

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

Hedge Funds Weigh In On Northeast Bank

Hedge funds have recently bought and sold shares of the business. Royce & Associates LP acquired a new position in shares of Northeast Bank during the 4th quarter worth approximately $4,820,000. Raymond James Financial Inc. acquired a new stake in Northeast Bank during the fourth quarter worth approximately $294,000. SG Americas Securities LLC grew its position in Northeast Bank by 151.9% during the fourth quarter. SG Americas Securities LLC now owns 6,031 shares of the financial services provider’s stock worth $553,000 after buying an additional 3,637 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Northeast Bank by 136.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 27,699 shares of the financial services provider’s stock worth $2,136,000 after acquiring an additional 15,975 shares during the period. Finally, Swiss National Bank acquired a new position in Northeast Bank in the 4th quarter valued at $1,330,000.

Northeast Bank Price Performance

Shares of Northeast Bank stock opened at $87.88 on Monday. Northeast Bank has a 1 year low of $50.92 and a 1 year high of $110.35. The company has a market capitalization of $721.10 million, a price-to-earnings ratio of 10.26 and a beta of 0.85. The business has a fifty day simple moving average of $92.97 and a two-hundred day simple moving average of $94.29.

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

Northeast Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Tuesday, February 18th were given a $0.01 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.05%. Northeast Bank’s payout ratio is presently 0.47%.

Analyst Upgrades and Downgrades

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

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.