Northeast Bank (NASDAQ:NBN) Short Interest Up 87.5% in June


Northeast Bank (NASDAQ:NBN – Get Rating) saw a significant increase in short-term interest during the month of June. As of June 30, there was short interest totaling 161,400 shares, an 87.5% increase from the total of 86,100 shares as of June 15. Based on an average daily trading volume of 57,600 shares, the short interest ratio is currently 2.8 days. Currently, 2.1% of the company’s shares are sold short.

Changes to analyst ratings

Separately, upgraded Northeast Bank from a buy to a hold rating in a Monday, May 23 report.

North East Bank Share Performance

NASDAQ: NBN traded down $0.87 in Friday’s midday session, hitting $37.99. 26,488 shares were traded, against an average volume of 99,424. The stock has a market capitalization of $316.84 million, a price-earnings ratio of 5.83 and a beta of 1.32. Northeast Bank has a fifty-two week low of $28.80 and a fifty-two week high of $41.05. The company’s 50-day simple moving average is $36.80 and its 200-day simple moving average is $36.39.

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Northeast Bank (NASDAQ:NBN – Get Rating) last announced its results on Monday, April 25. The financial services provider reported EPS of $1.36 for the quarter, beating the consensus estimate of $1.17 by $0.19. The company posted revenue of $26.36 million for the quarter, versus analyst estimates of $25.23 million. During the same period a year earlier, the company posted earnings per share of $4.06.

Northeast Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.01 per share. This represents an annualized dividend of $0.04 and a yield of 0.11%. The ex-dividend date was Tuesday, May 3. Northeast Bank’s payout rate is currently 0.61%.

Institutional entries and exits

Hedge funds and other institutional investors have recently changed their positions in the company. Lazard Asset Management LLC acquired a new position in Northeast Bank stock in Q1 worth approximately $27,000. UBS Group AG increased its stake in Northeast Bank by 141.5% during the first quarter. UBS Group AG now owns 1,099 shares of the financial services provider worth $37,000 after purchasing an additional 644 shares during the period. Janney Montgomery Scott LLC acquired a new position in Northeast Bank during Q4 worth approximately $258,000. Qube Research & Technologies Ltd acquired a new position in Northeast Bank during Q4 worth approximately $279,000. Finally, Citigroup Inc. increased its stake in Northeast Bank by 127.6% during the 1st quarter. Citigroup Inc. now owns 9,659 shares of the financial services provider worth $329,000 after purchasing an additional 5,415 shares during the period. 50.04% of the shares are held by institutional investors and hedge funds.

Northeast Bank Company Profile

(Get a rating)

Northeast Bank provides banking services to individuals and businesses in Maine. The Company’s deposit products include demand deposits, NOW, money market, savings, certificates of deposit and individual retirement accounts, as well as checking accounts. Its loan portfolio includes residential mortgages; multi-family real estate loans and other commercial real estate loans; commercial and industrial loans, such as term loans, lines of credit and equipment, and receivables financing; consumer loans made up of mobile homes and overdrafts, and loans guaranteed by deposit; and small business administration loans.

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