Short-term interest on Northeast Bank (NASDAQ:NBN) rises 37.9%

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Northeast Bank (NASDAQ:NBN – Get Rating) saw strong growth in short-term interest in April. As of April 15, there was short interest totaling 65,500 shares, a growth of 37.9% from the total of 47,500 shares as of March 31. Based on an average trading volume of 30,200 shares, the short interest ratio is currently 2.2 days. Approximately 0.9% of the company’s shares are sold short.

NBN stock fell $0.80 on Friday, hitting $37.42. The company’s shares had a trading volume of 20,990 shares, compared to an average volume of 37,730. The company has a 50-day moving average of $35.36 and a two-hundred-day moving average of 35.56 $. Northeast Bank has a 1-year low of $27.26 and a 1-year high of $41.05. The stock has a market capitalization of $312.08 million, a price-earnings ratio of 5.74 and a beta of 1.54.

Northeast Bank (NASDAQ:NBN – Get Rating) last released its quarterly 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. In the same quarter a year earlier, the company posted earnings per share of $4.06.

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

Separately, StockNews.com cut Northeast Bank shares from a “buy” rating to a “hold” rating in a report on Thursday.

Institutional investors have recently changed their positions in the company. Ellsworth Advisors LLC bought a new position in Northeast Bank during Q4 for a value of $499,000. American Century Companies Inc. increased its stake in Northeast Bank shares by 15.6% during Q3. American Century Companies Inc. now owns 24,022 shares of the financial services provider worth $810,000 after buying 3,245 additional shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in Northeast Bank stock during Q3 worth $1,762,000. Arrowstreet Capital Limited Partnership increased its stake in Northeast Bank shares by 92.8% during Q3. Arrowstreet Capital Limited Partnership now owns 30,263 shares of the financial services provider worth $1,020,000 after purchasing an additional 14,563 shares during the period. Finally, EAM Investors LLC acquired a new position in Northeast Bank stock during Q3 worth $1,481,000. Institutional investors hold 53.88% of the company’s shares.

About the Northeast Rim (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 mortgage loans; 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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