Northeast Bank (NASDAQ:NBN) Short Interest Update

Northeast Bank (NASDAQ:NBN) was the recipient of a large 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. Based on an average daily trading volume, of 60,600 shares, the short-interest ratio is currently 0.9 days. Approximately 0.8% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NBN. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Northeast Bank by 11.0% during the third 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 during the last quarter. AQR Capital Management LLC bought a new stake in Northeast Bank in the 2nd quarter valued at $212,000. BNP Paribas Financial Markets grew its position in 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 worth $127,000 after purchasing an additional 442 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 worth $303,000 after purchasing an additional 2,947 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Northeast Bank during the third quarter valued at about $185,000.

Northeast Bank Trading Up 0.4 %

Shares of NASDAQ:NBN traded up $0.38 during trading on Monday, reaching $91.43. 18,050 shares of the company traded hands, compared to its average volume of 36,393. The firm has a fifty day simple moving average of $95.67 and a 200 day simple moving average of $77.82. Northeast Bank has a 1-year low of $49.07 and a 1-year high of $105.44.

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

Northeast Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date was Tuesday, November 12th. Northeast Bank’s dividend payout ratio is currently 0.52%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NBN. 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 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 on the stock.

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.