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

Northeast Bank (NASDAQ:NBN) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 53,200 shares, a decline of 17.3% from the November 30th total of 64,300 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 60,600 shares, the short-interest ratio is presently 0.9 days.

Northeast Bank Trading Up 0.7 %

NASDAQ:NBN traded up $0.65 during mid-day trading on Tuesday, hitting $91.72. The stock had a trading volume of 11,128 shares, compared to its average volume of 36,333. The company has a 50 day simple moving average of $95.78 and a 200-day simple moving average of $78.07. Northeast Bank has a 52 week low of $49.07 and a 52 week high of $105.44.

Northeast Bank (NASDAQ:NBN) last issued its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping 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 prior year, the firm posted $2.01 earnings per share.

Northeast Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were paid 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 of this dividend was Tuesday, November 12th. Northeast Bank’s dividend payout ratio is currently 0.52%.

Institutional Trading of Northeast Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in 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 valued at $406,000 after acquiring an additional 520 shares during the last quarter. AQR Capital Management LLC acquired a new position in Northeast Bank in the second quarter worth approximately $212,000. BNP Paribas Financial Markets increased its holdings in shares of Northeast Bank by 36.7% in the third quarter. BNP Paribas Financial Markets now owns 1,647 shares of the financial services provider’s stock valued at $127,000 after buying an additional 442 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Northeast Bank by 145.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,972 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 2,947 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Northeast Bank during the 3rd quarter worth $185,000.

Analyst Upgrades and Downgrades

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

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.