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

Northeast Bank (NASDAQ:NBN - Get Free Report) was the recipient of a significant decline in short interest in the month of 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. Currently, 1.2% of the shares of the company are sold short. Based on an average trading volume of 53,000 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On Northeast Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Picton Mahoney Asset Management raised its stake in Northeast Bank by 57.6% during the fourth 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 bought a new stake in shares of Northeast Bank in the 4th quarter worth about $41,000. Quantbot Technologies LP bought a new stake in shares of Northeast Bank in the 3rd quarter worth about $76,000. BNP Paribas Financial Markets increased its position in shares of 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 worth $127,000 after purchasing an additional 442 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Northeast Bank during the 4th quarter valued at about $127,000.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price objective on Northeast Bank from $102.00 to $115.00 and gave the stock a "market perform" rating in a research report on Monday, February 10th.

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Northeast Bank Stock Performance

Shares of NBN stock traded down $1.96 during mid-day trading on Friday, reaching $91.37. The company's stock had a trading volume of 32,631 shares, compared to its average volume of 48,094. The firm's 50-day moving average is $99.18 and its two-hundred day moving average is $90.33. The company has a market cap of $749.78 million, a P/E ratio of 10.64 and a beta of 1.06. Northeast Bank has a 1-year low of $49.07 and a 1-year high of $110.35.

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

Northeast Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders 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 dividend yield of 0.04%. Northeast Bank's payout ratio is presently 0.47%.

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.