Short Interest in Northeast Bank (NASDAQ:NBN) Expands By 23.8%

Northeast Bank (NASDAQ:NBN - Get Free Report) was the target of a significant 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 volume of 50,200 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.5% of the shares of the stock are sold short.

Analyst Ratings Changes

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

Institutional Trading of Northeast Bank

Several institutional investors and hedge funds have recently modified their holdings of NBN. Picton Mahoney Asset Management increased its stake in shares of Northeast Bank by 57.6% during the fourth 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 period. R Squared Ltd bought a new position in shares of Northeast Bank during the fourth quarter valued at approximately $41,000. Quantbot Technologies LP purchased a new position in Northeast Bank during the third quarter valued at approximately $76,000. BNP Paribas Financial Markets boosted its position in Northeast Bank by 36.7% during the third 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 in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Northeast Bank in the fourth quarter valued at about $127,000.

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Northeast Bank Price Performance

Shares of NBN traded down $0.37 during midday trading on Friday, hitting $92.22. The stock had a trading volume of 27,932 shares, compared to its average volume of 40,884. Northeast Bank has a 1 year low of $50.02 and a 1 year high of $110.35. The stock's 50 day moving average is $99.00 and its 200 day moving average is $91.42. The firm has a market cap of $756.77 million, a PE ratio of 10.88 and a beta of 1.06.

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

Northeast Bank Announces Dividend

The business also recently declared 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 dividend payout ratio 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.