Short Interest in Northeast Bank (NASDAQ:NBN) Grows By 48.5%

Northeast Bank (NASDAQ:NBN) was the target of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 64,300 shares, an increase of 48.5% from the November 15th total of 43,300 shares. Based on an average trading volume of 55,400 shares, the short-interest ratio is currently 1.2 days. Approximately 0.9% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new position in shares of Northeast Bank in the second quarter valued at $373,000. Bank of New York Mellon Corp grew its position in Northeast Bank by 4.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 51,561 shares of the financial services provider’s stock worth $3,138,000 after purchasing an additional 2,175 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Northeast Bank by 145.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,972 shares of the financial services provider’s stock worth $303,000 after buying an additional 2,947 shares during the period. American Century Companies Inc. boosted its position in Northeast Bank by 18.7% during the 2nd quarter. American Century Companies Inc. now owns 126,748 shares of the financial services provider’s stock worth $7,714,000 after acquiring an additional 19,947 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new stake in Northeast Bank in the 2nd quarter worth approximately $568,000.

Analysts Set New Price Targets

Several brokerages have weighed in on NBN. Keefe, Bruyette & Woods initiated coverage on Northeast Bank in a report on Thursday, November 21st. They set a “market perform” rating and a $102.00 price target on the stock. Piper Sandler reissued an “overweight” rating and set a $80.00 target price on shares of Northeast Bank in a research report on Wednesday, September 11th.

Northeast Bank Trading Up 0.4 %

Northeast Bank stock traded up $0.38 during midday trading on Friday, reaching $98.65. 21,176 shares of the company were exchanged, compared to its average volume of 35,334. Northeast Bank has a 1 year low of $49.07 and a 1 year high of $105.44. The firm’s 50-day simple moving average is $92.76 and its 200-day simple moving average is $74.68.

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

Northeast Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date was Tuesday, November 12th. Northeast Bank’s dividend payout ratio is presently 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.