NB Bancorp (NASDAQ:NBBK) Issues Quarterly Earnings Results

NB Bancorp (NASDAQ:NBBK) issued its quarterly earnings data on Thursday. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01, FiscalAI reports. NB Bancorp had a net margin of 14.27% and a return on equity of 9.13%. The business had revenue of $76.55 million during the quarter, compared to the consensus estimate of $77.30 million.

NB Bancorp Price Performance

NBBK stock opened at $22.37 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $980.25 million and a P/E ratio of 11.71. The business has a 50 day simple moving average of $22.55 and a 200-day simple moving average of $21.52. NB Bancorp has a twelve month low of $16.92 and a twelve month high of $23.47.

NB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Thursday, October 29th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 29th. NB Bancorp’s dividend payout ratio is presently 18.54%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NBBK shares. Piper Sandler lifted their price target on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Zacks Research cut shares of NB Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Wall Street Zen downgraded shares of NB Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Keefe, Bruyette & Woods raised their price objective on NB Bancorp from $24.00 to $25.00 and gave the stock a “market perform” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings raised NB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Insider Activity at NB Bancorp

In other NB Bancorp news, CEO Joseph Campanelli bought 2,000 shares of the business’s stock in a transaction dated 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 acquisition, the chief executive officer directly owned 379,790 shares of the company’s stock, valued at $8,260,432.50. The trade was a 0.53% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 5.10% of the stock is owned by insiders.

Institutional Trading of NB Bancorp

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in NB Bancorp in the second quarter valued at $70,396,000. State Street Corp boosted its stake in shares of NB Bancorp by 13.8% during the second quarter. State Street Corp now owns 1,471,766 shares of the company’s stock worth $31,098,000 after buying an additional 178,228 shares during the period. Tieton Capital Management LLC acquired a new stake in shares of NB Bancorp during the second quarter worth about $11,550,000. Dimensional Fund Advisors LP grew its holdings in shares of NB Bancorp by 81.4% during the first quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company’s stock worth $11,006,000 after buying an additional 234,356 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of NB Bancorp by 110.2% during the first quarter. Sei Investments Co. now owns 302,181 shares of the company’s stock worth $6,367,000 after buying an additional 158,397 shares during the last quarter.

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 and financial services to individuals, families, businesses, nonprofit organizations and municipalities.

Needham Bank offers deposit products, residential and commercial real estate lending, commercial and industrial loans, construction financing, consumer loans, cash-management services and other treasury-management solutions.