NB Bancorp (NASDAQ:NBBK) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

NB Bancorp (NASDAQ:NBBK) released its earnings results on Wednesday. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07, FiscalAI reports. NB Bancorp had a net margin of 14.27% and a return on equity of 9.21%. The business had revenue of $74.70 million during the quarter, compared to the consensus estimate of $72.74 million.

NB Bancorp Stock Performance

Shares of NBBK stock traded up $0.20 during trading hours on Friday, hitting $22.49. 105,174 shares of the company were exchanged, compared to its average volume of 304,431. NB Bancorp has a 52-week low of $16.76 and a 52-week high of $22.86. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $20.52 and a 200 day simple moving average of $20.86. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 14.89 and a beta of 0.03.

NB Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 5th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, August 5th. NB Bancorp’s dividend payout ratio is 20.44%.

Analyst Ratings Changes

NBBK has been the topic of several recent analyst reports. Piper Sandler boosted their target price on shares of NB Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday. Weiss Ratings upgraded NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 14th. Finally, Zacks Research raised shares of NB Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, NB Bancorp has an average rating of “Moderate Buy” and an average target price of $26.00.

Insider Transactions at NB Bancorp

In other NB Bancorp news, CEO Joseph P. Campanelli purchased 3,000 shares of the stock in a transaction dated Friday, May 15th. The shares were bought at an average price of $19.18 per share, with a total value of $57,540.00. Following the completion of the transaction, the chief executive officer directly owned 377,790 shares in the company, valued at approximately $7,246,012.20. This trade represents a 0.80% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.10% of the company’s stock.

Institutional Investors Weigh In On NB Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC bought a new stake in shares of NB Bancorp during the 4th quarter valued at about $46,000. Russell Investments Group Ltd. raised its position in shares of NB Bancorp by 1,640.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,945 shares of the company’s stock valued at $123,000 after buying an additional 6,546 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of NB Bancorp by 464.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,022 shares of the company’s stock worth $143,000 after acquiring an additional 6,602 shares during the last quarter. Quantbot Technologies LP bought a new position in NB Bancorp in the third quarter valued at $156,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in NB Bancorp by 59.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,676 shares of the company’s stock valued at $171,000 after purchasing an additional 3,600 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.