NB Bancorp (NASDAQ:NBBK) Sets New 12-Month High – Here’s What Happened

NB Bancorp, Inc. (NASDAQ:NBBK) reached a new 52-week high on Tuesday. The stock traded as high as $23.53 and last traded at $23.1650, with a volume of 131 shares traded. The stock had previously closed at $23.01.

Wall Street Analysts Forecast Growth

NBBK has been the subject of several recent research reports. Zacks Research lowered shares of NB Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. New Street Research set a $24.00 target price on shares of NB Bancorp in a research report on Tuesday. Weiss Ratings upgraded shares of NB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Wall Street Zen downgraded shares of NB Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Piper Sandler boosted their price objective on NB Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.00.

NB Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.05 and a current ratio of 1.06. The stock’s 50-day simple moving average is $22.50 and its 200 day simple moving average is $21.42. The company has a market cap of $994.01 million and a PE ratio of 13.69.

NB Bancorp (NASDAQ:NBBK) last announced its earnings results on Thursday, October 15th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. The business had revenue of $76.55 million for the quarter, compared to the consensus estimate of $77.30 million. NB Bancorp had a return on equity of 9.75% and a net margin of 14.86%. As a group, equities analysts anticipate that NB Bancorp, Inc. will post 2.12 EPS for the current year.

NB Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Thursday, October 29th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, October 29th. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. NB Bancorp’s dividend payout ratio is 16.87%.

Insider Transactions at NB Bancorp

In other news, CEO Joseph Campanelli bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average cost of $21.75 per share, with a total value of $43,500.00. Following the completion of the transaction, the chief executive officer directly owned 379,790 shares in the company, valued at $8,260,432.50. This represents a 0.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On NB Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc bought a new stake in NB Bancorp in the 2nd quarter valued at $1,198,000. Bank of New York Mellon Corp acquired a new stake in shares of NB Bancorp in the second quarter valued at about $3,625,000. State Street Corp boosted its position in NB Bancorp by 13.8% during the second quarter. State Street Corp now owns 1,471,766 shares of the company’s stock valued at $31,098,000 after acquiring an additional 178,228 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in NB Bancorp by 81.4% in the first quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company’s stock valued at $11,006,000 after purchasing an additional 234,356 shares in the last quarter. Finally, SummerHaven Investment Management LLC bought a new stake in NB Bancorp during the 3rd quarter worth approximately $1,089,000.

About NB Bancorp

NB Bancorp, Inc is the bank holding company for Needham Bank, a community-oriented financial institution headquartered in Needham, Massachusetts. Through Needham Bank, the company provides banking services to individuals, families, businesses, nonprofit organizations and municipalities, primarily in the Greater Boston and eastern Massachusetts markets.

Its products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, commercial real estate loans, commercial and industrial lending, construction loans and consumer credit.