Northeast Bank (NASDAQ:NBN) Sees Significant Growth in Short Interest

Northeast Bank (NASDAQ:NBN - Get Free Report) saw a significant growth in short interest in 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 company are sold short. Based on an average daily trading volume, of 47,300 shares, the days-to-cover ratio is currently 3.1 days.

Northeast Bank Stock Performance

Shares of NASDAQ NBN traded up $0.92 during midday trading on Thursday, reaching $91.20. The company's stock had a trading volume of 3,129 shares, compared to its average volume of 42,638. The company has a market cap of $748.35 million, a P/E ratio of 10.63 and a beta of 0.85. Northeast Bank has a fifty-two week low of $50.92 and a fifty-two week high of $110.35. The business's 50 day moving average price is $92.08 and its two-hundred day moving average price is $94.31.

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

Northeast Bank Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted 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 purchasing an additional 118 shares during the last quarter. R Squared Ltd bought a new stake in shares of Northeast Bank during the 4th quarter worth $41,000. Point72 Asset Management L.P. acquired a new stake in Northeast Bank in the fourth quarter valued at about $127,000. KLP Kapitalforvaltning AS acquired a new stake in Northeast Bank in the fourth quarter valued at about $128,000. Finally, Federated Hermes Inc. grew its position in Northeast Bank by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 1,557 shares of the financial services provider's stock valued at $143,000 after acquiring an additional 479 shares during the last quarter.

Wall Street Analyst Weigh In

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

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.