NB Bancorp (NASDAQ:NBBK) Announces Earnings Results, Beats Expectations By $0.04 EPS

NB Bancorp (NASDAQ:NBBK) announced its quarterly earnings results on Wednesday. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04, FiscalAI reports. NB Bancorp had a net margin of 13.81% and a return on equity of 8.57%.

NB Bancorp Stock Up 0.2%

Shares of NBBK traded up $0.05 during trading on Wednesday, reaching $21.09. The company’s stock had a trading volume of 383,428 shares, compared to its average volume of 301,461. The company has a market cap of $942.93 million, a price-to-earnings ratio of 15.39 and a beta of 0.03. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $20.44 and a two-hundred day moving average of $20.83. NB Bancorp has a twelve month low of $16.76 and a twelve month high of $22.86.

Analyst Upgrades and Downgrades

Several research firms have commented on NBBK. Zacks Research raised NB Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Piper Sandler dropped their target price on NB Bancorp from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Insider Buying and Selling

In related news, Director Hope Pascucci purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The shares were purchased at an average cost of $19.46 per share, with a total value of $389,200.00. Following the completion of the acquisition, the director directly owned 142,402 shares of the company’s stock, valued at approximately $2,771,142.92. The trade was a 16.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph P. Campanelli acquired 3,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were purchased at an average price of $19.18 per share, for a total transaction of $57,540.00. Following the purchase, the chief executive officer directly owned 377,790 shares of the company’s stock, valued at $7,246,012.20. This represents a 0.80% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 25,500 shares of company stock valued at $495,365 in the last three months. Corporate insiders own 5.10% of the company’s stock.

Institutional Investors Weigh In On NB Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in NBBK. AQR Capital Management LLC acquired a new position in NB Bancorp in the first quarter worth $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NB Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,127 shares of the company’s stock worth $418,000 after purchasing an additional 975 shares during the period. Millennium Management LLC boosted its holdings in shares of NB Bancorp by 13.1% in the 1st quarter. Millennium Management LLC now owns 253,543 shares of the company’s stock valued at $4,582,000 after buying an additional 29,373 shares during the period. Jane Street Group LLC grew its position in shares of NB Bancorp by 54.3% during the 1st quarter. Jane Street Group LLC now owns 54,613 shares of the company’s stock valued at $987,000 after buying an additional 19,213 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in NB Bancorp by 3.7% during the second quarter. Legal & General Group Plc now owns 62,014 shares of the company’s stock worth $1,108,000 after acquiring an additional 2,237 shares during the period.

About NB Bancorp

NB Bancorp, Inc (NASDAQ: NBBK) is the bank holding company for NB Bank, N.A., a full-service community bank headquartered in Newburyport, Massachusetts. Through a network of branches across Northeast Massachusetts and southern New Hampshire, the company offers deposit and lending services tailored to individuals and small- to medium-sized businesses.

The company’s core product lineup includes checking and savings accounts, money market deposits and certificates of deposit, along with residential mortgage loans, home equity lines of credit and commercial lending solutions.