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

Northeast Bank (NASDAQ:NBN) was the target of a significant drop in short interest during 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 sold short. Based on an average daily volume of 60,600 shares, the short-interest ratio is presently 0.9 days.

Northeast Bank Price Performance

NBN stock traded down $1.39 during mid-day trading on Friday, reaching $91.05. The company had a trading volume of 42,646 shares, compared to its average volume of 36,468. The firm has a 50 day moving average of $95.67 and a 200 day moving average of $77.68. Northeast Bank has a 12 month low of $49.07 and a 12 month high of $105.44.

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

Northeast Bank Dividend Announcement

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

Institutional Investors Weigh In On Northeast Bank

Large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in shares of Northeast Bank by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 422,573 shares of the financial services provider’s stock worth $25,716,000 after buying an additional 2,093 shares during the last quarter. Geode Capital Management LLC boosted its stake in Northeast Bank by 0.5% in the third quarter. Geode Capital Management LLC now owns 153,470 shares of the financial services provider’s stock valued at $11,840,000 after acquiring an additional 801 shares in the last quarter. State Street Corp grew its holdings in Northeast Bank by 6.3% in the third quarter. State Street Corp now owns 144,591 shares of the financial services provider’s stock worth $11,152,000 after purchasing an additional 8,518 shares during the last quarter. American Century Companies Inc. increased its position in shares of Northeast Bank by 18.7% during the second quarter. American Century Companies Inc. now owns 126,748 shares of the financial services provider’s stock worth $7,714,000 after purchasing an additional 19,947 shares in the last quarter. Finally, Foundry Partners LLC lifted its holdings in shares of Northeast Bank by 0.9% during the 3rd quarter. Foundry Partners LLC now owns 74,127 shares of the financial services provider’s stock valued at $5,717,000 after purchasing an additional 695 shares during the last quarter.

Wall Street Analysts Forecast Growth

NBN has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods started coverage on Northeast Bank in a research note on Thursday, November 21st. They set a “market perform” rating and a $102.00 price target for the company. 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.

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.