NB Bancorp (NASDAQ:NBBK) Hits New 52-Week High on Analyst Upgrade

Shares of NB Bancorp, Inc. (NASDAQ:NBBK) reached a new 52-week high during trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $24.00 to $25.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. NB Bancorp traded as high as $22.96 and last traded at $22.92, with a volume of 115975 shares trading hands. The stock had previously closed at $22.43.

Several other equities research analysts have also weighed in on the company. Zacks Research raised NB Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 23rd. 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. Finally, Weiss Ratings upgraded shares of NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, NB Bancorp has a consensus rating of “Buy” and a consensus target price of $25.50.

Insider Buying and Selling

In related news, CEO Joseph P. Campanelli purchased 3,000 shares of NB Bancorp stock in a transaction dated Friday, May 15th. The stock was acquired at an average cost 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 of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.10% of the company’s stock.

Institutional Trading of NB Bancorp

A number of institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new position in NB Bancorp in the 1st quarter worth about $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of NB Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,127 shares of the company’s stock valued at $418,000 after buying an additional 975 shares in the last quarter. Millennium Management LLC increased its holdings in NB Bancorp by 13.1% in the first quarter. Millennium Management LLC now owns 253,543 shares of the company’s stock worth $4,582,000 after buying an additional 29,373 shares during the last quarter. Jane Street Group LLC raised its position in NB Bancorp by 54.3% during the first quarter. Jane Street Group LLC now owns 54,613 shares of the company’s stock valued at $987,000 after acquiring an additional 19,213 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in NB Bancorp by 3.7% in the second quarter. Legal & General Group Plc now owns 62,014 shares of the company’s stock valued at $1,108,000 after acquiring an additional 2,237 shares during the last quarter.

NB Bancorp Price Performance

The company’s 50-day simple moving average is $20.64 and its 200 day simple moving average is $20.90. The company has a market capitalization of $1.02 billion, a P/E ratio of 15.18 and a beta of 0.03. 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 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 9.21%. The firm had revenue of $74.70 million during the quarter, compared to analysts’ expectations of $72.74 million. As a group, sell-side analysts expect that NB Bancorp, Inc. will post 2.13 earnings per share for the current fiscal year.

NB Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors 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 dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 5th. NB Bancorp’s dividend payout ratio (DPR) is presently 18.54%.

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.