First Northern Community Bancorp (NASDAQ:FNRN) Short Interest Up 340.8% in June

Key Points

• Short interest in First Northern Community Bancorp surged 340.8% in June, rising to 514,620 shares as of June 30 from 116,751 shares two weeks earlier. About 3.6% of the company’s shares are now sold short.
• Insiders have been selling stock, including Director Mark C. Schulze and CEO Jeremiah Zachary Smith, with 20,054 shares sold over the last 90 days worth about $349,849. Corporate insiders still hold 11.92% of the company.
• The stock has been trading near its 52-week high, recently closing at $18.17 versus a 1-year range of $10.07 to $18.62. Analyst sentiment remains generally positive, with an average rating of Buy.

First Northern Community Bancorp (NASDAQ:FNRN - Get Free Report) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 514,620 shares, an increase of 340.8% from the June 15th total of 116,751 shares. Approximately 3.6% of the company's shares are sold short. Based on an average daily volume of 579,052 shares, the days-to-cover ratio is presently 0.9 days.

Insiders Place Their Bets

In related news, Director Mark C. Schulze sold 3,000 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $17.78, for a total value of $53,340.00. Following the sale, the director owned 741,921 shares in the company, valued at approximately $13,191,355.38. The trade was a 0.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeremiah Zachary Smith sold 6,783 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $17.69, for a total value of $119,991.27. Following the completion of the sale, the chief executive officer owned 154,569 shares in the company, valued at $2,734,325.61. This represents a 4.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 20,054 shares of company stock worth $349,849 over the last ninety days. Corporate insiders own 11.92% of the company's stock.

First Northern Community Bancorp Stock Performance

Shares of First Northern Community Bancorp stock traded up $0.20 on Friday, reaching $18.17. 289,054 shares of the company were exchanged, compared to its average volume of 356,515. First Northern Community Bancorp has a 1-year low of $10.07 and a 1-year high of $18.62. The company has a market capitalization of $298.17 million, a P/E ratio of 13.00 and a beta of 0.01. The stock's 50 day moving average is $17.70.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Weiss Ratings raised shares of First Northern Community Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, June 15th. Wall Street Zen raised shares of First Northern Community Bancorp to a "hold" rating in a research report on Saturday, May 30th. One analyst has rated the stock with a Buy rating, According to MarketBeat, First Northern Community Bancorp currently has an average rating of "Buy".

About First Northern Community Bancorp

First Northern Community Bancorp is the bank holding company for First Northern Bank, a regionally focused community bank based in Dixon, California. The company provides a range of commercial and consumer banking services through its branch network and digital banking channels, positioning itself as a relationship-driven lender and deposit taker for local businesses, farms and households in Northern California.

First Northern's core activities include commercial and real estate lending, residential mortgage origination and servicing, small-business banking, and deposit products such as checking, savings and certificate accounts.

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