Zacks Research Downgrades NB Bancorp (NASDAQ:NBBK) to Hold

Key Points

• Zacks Research downgraded NB Bancorp from “strong buy” to “hold,” though the analyst consensus remains “Moderate Buy” with a $25.50 price target.
• NB Bancorp opened at $22.78, near its 52-week high of $23.47, and recently exceeded quarterly earnings expectations by reporting EPS of $0.55 versus the $0.48 consensus estimate.
• CEO Joseph Campanelli purchased 2,000 shares worth $43,500, while several institutional investors—including Tieton Capital Management and Dimensional Fund Advisors—also increased or initiated positions.

NB Bancorp (NASDAQ:NBBK - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

A number of other research firms also recently weighed in on NBBK. Weiss Ratings upgraded shares of NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 14th. Wall Street Zen downgraded NB Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Keefe, Bruyette & Woods raised their price objective on NB Bancorp from $24.00 to $25.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. Finally, Piper Sandler raised their price objective on NB Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.50.

NB Bancorp Price Performance

NASDAQ:NBBK opened at $22.78 on Monday. NB Bancorp has a 52 week low of $16.83 and a 52 week high of $23.47. The firm has a market cap of $998.22 million, a price-to-earnings ratio of 15.09 and a beta of -0.01. The firm's 50-day simple moving average is $22.51 and its 200 day simple moving average is $21.33. 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 posted its quarterly earnings data 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 net margin of 14.27% and a return on equity of 9.13%. As a group, sell-side analysts predict that NB Bancorp will post 2.13 earnings per share for the current year.

Insider Activity at NB Bancorp

In other news, CEO Joseph Campanelli bought 2,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 379,790 shares of the company's stock, valued at $8,260,432.50. This represents a 0.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new stake in shares of NB Bancorp during the 2nd quarter valued at approximately $1,198,000. Dimensional Fund Advisors LP grew its position 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 valued at $11,006,000 after buying an additional 234,356 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in NB Bancorp during the 2nd quarter valued at approximately $3,625,000. Tieton Capital Management LLC acquired a new stake in shares of NB Bancorp during the second quarter worth $11,550,000. Finally, OP Asset Management Ltd acquired a new stake in NB Bancorp during the 1st quarter worth about $1,230,000.

About NB Bancorp

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.

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