Short Interest in Northeast Bank (NASDAQ:NBN) Drops By 21.3%

Northeast Bank (NASDAQ:NBN) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 59,600 shares, a decline of 21.3% from the March 31st total of 75,700 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 28,900 shares, the days-to-cover ratio is currently 2.1 days.

Northeast Bank Trading Up 1.4 %

NBN traded up $0.72 on Friday, reaching $52.51. The company had a trading volume of 18,299 shares, compared to its average volume of 29,692. The business has a 50 day simple moving average of $52.97 and a 200 day simple moving average of $52.34. Northeast Bank has a 52-week low of $34.20 and a 52-week high of $59.00.

Northeast Bank (NASDAQ:NBN) last released its earnings results on Tuesday, January 30th. The financial services provider reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.13. The firm had revenue of $38.47 million during the quarter, compared to the consensus estimate of $36.98 million.

Northeast Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 26th. Investors of record on Monday, February 12th were given a dividend of $0.01 per share. The ex-dividend date was Friday, February 9th. This represents a $0.04 annualized dividend and a yield of 0.08%. Northeast Bank’s payout ratio is 0.56%.

Institutional Trading of Northeast Bank

Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new position in shares of Northeast Bank in the 3rd quarter worth about $25,000. Allspring Global Investments Holdings LLC raised its holdings in Northeast Bank by 3,166.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,025 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 1,963 shares during the period. SG Americas Securities LLC purchased a new position in Northeast Bank in the 3rd quarter worth approximately $130,000. AE Wealth Management LLC bought a new position in shares of Northeast Bank during the third quarter worth $352,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Northeast Bank during the fourth quarter valued at about $491,000.

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.