NB Bancorp (NASDAQ:NBBK) Stock Price Target Cut by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut NB Bancorp’s price target from $25 to $24 while maintaining a “market perform” rating, implying approximately 5.94% upside from the prior close.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $24.67; targets from other firms range from $24 to $26.
• NB Bancorp shares fell 1.5% to $22.65 in Tuesday trading. The company slightly exceeded quarterly EPS expectations, reporting $0.60 versus the $0.59 consensus, though revenue of $76.55 million came in below estimates.

NB Bancorp (NASDAQ:NBBK - Get Free Report) had its target price decreased by stock analysts at Keefe, Bruyette & Woods from $25.00 to $24.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods's target price indicates a potential upside of 5.94% from the stock's previous close.

Several other research firms have also recently weighed in on NBBK. Piper Sandler lifted their price target on NB Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Weiss Ratings raised NB Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 2nd. Wall Street Zen cut NB Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Zacks Research downgraded NB Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. Finally, New Street Research set a $24.00 target price on NB Bancorp in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and two have issued 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 $24.67.

NB Bancorp Stock Down 1.5%

NBBK stock traded down $0.36 during mid-day trading on Tuesday, hitting $22.65. 79,305 shares of the company were exchanged, compared to its average volume of 304,191. The firm has a market cap of $992.65 million and a P/E ratio of 13.65. The firm's 50 day simple moving average is $22.50 and its 200 day simple moving average is $21.42. NB Bancorp has a 1-year low of $17.16 and a 1-year high of $23.47. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.05 and a current ratio of 1.06.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its quarterly earnings data on Thursday, October 15th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.01. NB Bancorp had a return on equity of 9.75% and a net margin of 14.86%. The company had revenue of $76.55 million for the quarter, compared to analysts' expectations of $77.30 million. On average, sell-side analysts predict that NB Bancorp will post 2.12 EPS for the current fiscal year.

Insider Transactions at NB Bancorp

In other NB Bancorp news, CEO Joseph Campanelli bought 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average cost of $21.75 per share, for a total transaction of $43,500.00. Following the transaction, the chief executive officer directly owned 379,790 shares in the company, valued at approximately $8,260,432.50. This 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 available at this hyperlink. 5.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NB Bancorp

Several large investors have recently modified their holdings of NBBK. AFG Fiduciary Services Limited Partnership raised its position in shares of NB Bancorp by 6.8% during the second quarter. AFG Fiduciary Services Limited Partnership now owns 12,493 shares of the company's stock worth $264,000 after purchasing an additional 800 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of NB Bancorp by 2.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 43,216 shares of the company's stock worth $913,000 after purchasing an additional 860 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of NB Bancorp by 7.0% in the 1st quarter. Royal Bank of Canada now owns 13,268 shares of the company's stock worth $280,000 after purchasing an additional 868 shares in the last quarter. Quantinno Capital Management LP grew its position in NB Bancorp by 11.2% in the 1st quarter. Quantinno Capital Management LP now owns 25,941 shares of the company's stock valued at $547,000 after purchasing an additional 2,620 shares during the period. Finally, Lazard Asset Management LLC grew its position in NB Bancorp by 9.9% in the 1st quarter. Lazard Asset Management LLC now owns 57,302 shares of the company's stock valued at $1,207,000 after purchasing an additional 5,142 shares during the period.

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 services to individuals, families, businesses, nonprofit organizations and municipalities, primarily in the Greater Boston and eastern Massachusetts markets.

Its products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, commercial real estate loans, commercial and industrial lending, construction loans and consumer credit.

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