Northeast Bank (NASDAQ:NBN) Short Interest Down 17.3% in December

Northeast Bank (NASDAQ:NBN) saw a significant drop in short interest in the month of December. As of December 15th, there was short interest totalling 53,200 shares, a drop of 17.3% from the November 30th total of 64,300 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average daily trading volume, of 60,600 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analyst Weigh In

NBN has been the topic of several recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $80.00 target price on shares of Northeast Bank in a research note on Wednesday, September 11th. Keefe, Bruyette & Woods started coverage on Northeast Bank in a research note on Thursday, November 21st. They issued a “market perform” rating and a $102.00 price objective for the company.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Northeast Bank by 11.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,268 shares of the financial services provider’s stock worth $406,000 after buying an additional 520 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Northeast Bank during the second quarter valued at $212,000. BNP Paribas Financial Markets boosted its stake in shares of Northeast Bank by 36.7% in 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 in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Northeast Bank by 145.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,972 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 2,947 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Northeast Bank during the 3rd quarter worth about $185,000.

Northeast Bank Stock Up 0.7 %

NBN stock traded up $0.65 during midday trading on Tuesday, reaching $91.72. The company had a trading volume of 11,128 shares, compared to its average volume of 36,333. The company has a 50 day moving average of $95.78 and a two-hundred day moving average of $78.07. Northeast Bank has a 1 year low of $49.07 and a 1 year high of $105.44.

Northeast Bank (NASDAQ:NBN) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.34. The firm had revenue of $73.97 million for the quarter, compared to the consensus estimate of $38.20 million. During the same quarter in the prior year, the firm earned $2.01 earnings per share.

Northeast Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.01 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Northeast Bank’s dividend payout ratio (DPR) is currently 0.52%.

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.