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

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

NB Bancorp Stock Performance

Shares of NASDAQ:NBBK traded down $0.51 during trading on Friday, reaching $21.86. The company had a trading volume of 549,304 shares, compared to its average volume of 243,628. The firm has a market capitalization of $957.91 million and a price-to-earnings ratio of 13.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.06 and a quick ratio of 1.05. The stock’s fifty day moving average price is $22.54 and its 200 day moving average price is $21.52. NB Bancorp has a fifty-two week low of $17.10 and a fifty-two week high of $23.47.

NB Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Thursday, October 29th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Thursday, October 29th. NB Bancorp’s dividend payout ratio (DPR) is 18.54%.

Insider Activity at NB Bancorp

In related news, CEO Joseph Campanelli purchased 2,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was acquired at an average price of $21.75 per share, for a total transaction of $43,500.00. Following the completion of the purchase, the chief executive officer directly owned 379,790 shares of the company’s stock, valued at $8,260,432.50. This trade represents a 0.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On NB Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of NBBK. BlackRock Inc. acquired a new position in NB Bancorp in the 2nd quarter valued at $70,396,000. Tieton Capital Management LLC purchased a new position in NB Bancorp during the 2nd quarter worth $11,550,000. Dimensional Fund Advisors LP lifted its stake in shares of NB Bancorp by 81.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company’s stock worth $11,006,000 after acquiring an additional 234,356 shares during the period. State Street Corp lifted its stake in shares of NB Bancorp by 13.8% in the 2nd quarter. State Street Corp now owns 1,471,766 shares of the company’s stock worth $31,098,000 after acquiring an additional 178,228 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of NB Bancorp in the 2nd quarter worth $3,625,000.

Analysts Set New Price Targets

NBBK has been the topic of a number of recent research reports. Wall Street Zen cut shares of NB Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of NB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. 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 note on Tuesday, July 28th. Zacks Research downgraded shares of NB Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 21st. Finally, Piper Sandler raised their price objective on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

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 and 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, cash-management services and other treasury-management solutions.