NB Bancorp (NASDAQ:NBBK) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

NB Bancorp (NASDAQ:NBBK) announced its quarterly earnings results on Thursday, October 15th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01, FiscalAI reports. NB Bancorp had a net margin of 14.86% and a return on equity of 9.75%. The firm had revenue of $76.55 million for the quarter, compared to the consensus estimate of $77.30 million.

NB Bancorp Trading Up 0.3%

NB Bancorp stock traded up $0.07 during midday trading on Friday, hitting $22.09. 220,820 shares of the stock were exchanged, compared to its average volume of 303,676. NB Bancorp has a fifty-two week low of $17.91 and a fifty-two week high of $23.47. The stock has a market capitalization of $967.98 million, a price-to-earnings ratio of 13.31 and a beta of 0.01. The stock’s 50-day simple moving average is $22.51 and its 200 day simple moving average is $21.54. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22.

NB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Thursday, October 29th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, October 29th. NB Bancorp’s dividend payout ratio (DPR) is presently 16.87%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of NB Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Keefe, Bruyette & Woods cut their price target on shares of NB Bancorp from $25.00 to $24.00 and set a “market perform” rating on the stock in a report on Tuesday, October 27th. Weiss Ratings upgraded shares of NB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Piper Sandler boosted their target price on NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen lowered shares of NB Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.67.

Insider Buying and Selling

In related news, CEO Joseph Campanelli bought 2,000 shares of the stock in a transaction on Thursday, August 20th. The stock was bought at an average price of $21.75 per share, with a total value of $43,500.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SHP Wealth Management acquired a new position in NB Bancorp during the 4th quarter worth approximately $68,000. Allworth Financial LP raised its stake in NB Bancorp by 4,960.2% during the 3rd quarter. Allworth Financial LP now owns 5,971 shares of the company’s stock valued at $126,000 after acquiring an additional 5,853 shares during the last quarter. Globeflex Capital L P acquired a new stake in shares of NB Bancorp in the 1st quarter worth $143,000. Pallas Capital Advisors LLC acquired a new position in NB Bancorp during the 2nd quarter worth approximately $211,000. Finally, Corient Private Wealth LP purchased a new stake in NB Bancorp during the second quarter worth about $221,000.

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.