Northeast Bank (NASDAQ:NBN) Short Interest Down 17.8% in February

Northeast Bank (NASDAQ:NBN) saw a large 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. Based on an average daily volume of 53,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.2% of the company’s shares are short sold.

Northeast Bank Stock Down 1.9 %

NBN traded down $1.82 during midday trading on Thursday, hitting $93.41. The company had a trading volume of 35,604 shares, compared to its average volume of 48,141. The stock’s 50 day moving average price is $99.15 and its 200 day moving average price is $89.81. Northeast Bank has a 52 week low of $49.07 and a 52 week high of $110.35. The company has a market capitalization of $766.53 million, a price-to-earnings ratio of 10.87 and a beta of 1.06.

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

Northeast Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th were issued a $0.01 dividend. 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 is currently 0.47%.

Analysts Set New Price Targets

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

Institutional Trading of Northeast Bank

Several hedge funds have recently bought and sold shares of the business. Picton Mahoney Asset Management increased its holdings in Northeast Bank by 57.6% during the 4th 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 in the last quarter. R Squared Ltd purchased a new position in shares of Northeast Bank during the fourth quarter valued at approximately $41,000. Quantbot Technologies LP bought a new stake in Northeast Bank during the third quarter worth $76,000. Point72 Asset Management L.P. purchased a new stake in Northeast Bank in the 4th quarter valued at $127,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Northeast Bank in the 4th quarter valued at $128,000.

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.