NB Bancorp (NASDAQ:NBBK) Downgraded to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of NB Bancorp (NASDAQ:NBBK) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods upgraded shares of NB Bancorp to a “hold” rating in a report on Sunday, November 2nd. Piper Sandler reissued an “overweight” rating and issued a $23.00 price target (up from $22.00) on shares of NB Bancorp in a report on Thursday, November 20th. Finally, Weiss Ratings upgraded shares of NB Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, NB Bancorp has an average rating of “Hold” and an average price target of $23.00.

NB Bancorp Price Performance

NASDAQ:NBBK opened at $19.60 on Monday. NB Bancorp has a 12-month low of $15.09 and a 12-month high of $21.58. The firm has a market capitalization of $780.59 million, a price-to-earnings ratio of 12.65 and a beta of 0.32. The stock’s 50 day moving average price is $20.03 and its two-hundred day moving average price is $18.83. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.06.

NB Bancorp (NASDAQ:NBBK) last posted its earnings results on Wednesday, October 22nd. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. NB Bancorp had a return on equity of 7.79% and a net margin of 17.59%.The business had revenue of $51.73 million for the quarter, compared to analyst estimates of $52.40 million. On average, analysts anticipate that NB Bancorp will post 1.39 earnings per share for the current year.

Insider Activity

In related news, Director Hope Pascucci purchased 4,688 shares of NB Bancorp stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average price of $18.07 per share, with a total value of $84,712.16. Following the completion of the transaction, the director directly owned 120,000 shares of the company’s stock, valued at $2,168,400. This represents a 4.07% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.

Institutional Trading of NB Bancorp

Several large investors have recently modified their holdings of the stock. Pertento Partners LLP raised its stake in NB Bancorp by 6.8% in the second quarter. Pertento Partners LLP now owns 2,114,336 shares of the company’s stock valued at $37,762,000 after purchasing an additional 135,433 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of NB Bancorp by 27.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 694,982 shares of the company’s stock valued at $12,266,000 after buying an additional 148,472 shares in the last quarter. UBS Group AG lifted its holdings in shares of NB Bancorp by 264.4% during the 3rd quarter. UBS Group AG now owns 378,353 shares of the company’s stock worth $6,678,000 after acquiring an additional 274,511 shares during the period. Marshall Wace LLP increased its stake in NB Bancorp by 165.9% in the second quarter. Marshall Wace LLP now owns 315,460 shares of the company’s stock valued at $5,634,000 after acquiring an additional 196,837 shares during the last quarter. Finally, Millennium Management LLC raised its position in NB Bancorp by 13.1% during the first quarter. Millennium Management LLC now owns 253,543 shares of the company’s stock valued at $4,582,000 after purchasing an additional 29,373 shares in the last quarter.

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.