NB Bancorp (NASDAQ:NBBK) Hits New 1-Year High – Here’s What Happened

Shares of NB Bancorp, Inc. (NASDAQ:NBBK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.00 and last traded at $23.1860, with a volume of 5176 shares changing hands. The stock had previously closed at $22.75.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of NB Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Keefe, Bruyette & Woods increased their price target on shares of NB Bancorp from $24.00 to $25.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 28th. Weiss Ratings raised shares of NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Zacks Research upgraded shares of NB Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Piper Sandler boosted their price objective on shares of NB Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $25.50.

NB Bancorp Stock Up 1.5%

The firm has a 50 day moving average of $21.30 and a two-hundred day moving average of $21.13. The firm has a market capitalization of $1.01 billion and a price-to-earnings ratio of 15.27. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.23.

NB Bancorp (NASDAQ:NBBK) last released its earnings results on Wednesday, July 22nd. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. NB Bancorp had a return on equity of 9.21% and a net margin of 14.27%. As a group, sell-side analysts anticipate that NB Bancorp, Inc. will post 2.13 EPS for the current fiscal year.

NB Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. NB Bancorp’s payout ratio is 18.54%.

Insider Activity

In related news, CEO Joseph P. Campanelli acquired 3,000 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was acquired at an average cost of $19.18 per share, for a total transaction of $57,540.00. Following the transaction, the chief executive officer directly owned 377,790 shares in the company, valued at $7,246,012.20. This trade represents a 0.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.10% of the company’s stock.

Institutional Trading of NB Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of NB Bancorp in the 2nd quarter valued at $70,396,000. AltraVue Capital LLC bought a new stake in NB Bancorp during the 4th quarter worth $13,735,000. Tieton Capital Management LLC bought a new stake in NB Bancorp during the 2nd quarter worth $11,550,000. Vanguard Group Inc. increased its holdings in NB Bancorp by 18.0% in the 4th quarter. Vanguard Group Inc. now owns 2,301,034 shares of the company’s stock worth $45,606,000 after purchasing an additional 350,899 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in NB Bancorp in the 4th quarter worth about $5,709,000.

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.