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

NB Bancorp (NASDAQ:NBBK) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

NBBK has been the topic of a number of other reports. 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. Wall Street Zen downgraded NB Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Keefe, Bruyette & Woods raised their price target on shares of NB Bancorp from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. Finally, Piper Sandler boosted their price objective on NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.50.

NB Bancorp Price Performance

Shares of NASDAQ:NBBK opened at $22.78 on Monday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $22.51 and its two-hundred day simple moving average is $21.33. NB Bancorp has a 1-year low of $16.83 and a 1-year high of $23.47. The stock has a market cap of $998.22 million, a PE ratio of 15.09 and a beta of -0.01.

NB Bancorp (NASDAQ:NBBK) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. NB Bancorp had a net margin of 14.27% and a return on equity of 9.13%. As a group, analysts forecast that NB Bancorp will post 2.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joseph Campanelli bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was bought at an average cost of $21.75 per share, for a total transaction of $43,500.00. Following the acquisition, the chief executive officer directly owned 379,790 shares of the company’s stock, valued at $8,260,432.50. The trade was a 0.53% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.10% of the stock is owned by corporate insiders.

Institutional Trading of NB Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its stake in shares of NB Bancorp by 75.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,286 shares of the company’s stock valued at $25,000 after buying an additional 553 shares during the period. SHP Wealth Management bought a new position in shares of NB Bancorp in the 4th quarter worth about $68,000. Globeflex Capital L P bought a new position in shares of NB Bancorp during the first quarter valued at approximately $143,000. Pallas Capital Advisors LLC bought a new position in NB Bancorp during the 2nd quarter valued at approximately $211,000. Finally, Corient Private Wealth LP bought a new position in shares of NB Bancorp during the second quarter valued at $221,000.

NB Bancorp Company Profile

NB Bancorp, Inc is the bank holding company for Needham Bank, a community bank headquartered in Needham, Massachusetts. Through its banking subsidiary, the company provides financial services to individuals, families, businesses, nonprofit organizations and municipalities.

Needham Bank offers deposit products, residential and commercial real estate lending, commercial and industrial loans, construction financing, consumer loans and other traditional banking services. The bank also provides cash management, online and mobile banking, treasury services and wealth management solutions designed to support personal and business financial needs.

Founded in 1892, Needham Bank primarily serves communities in eastern Massachusetts and southern New Hampshire through its branch network and digital banking channels.