Piper Sandler & CO. Acquires Shares of 40,000 NB Bancorp, Inc. $NBBK

Key Points

• Piper Sandler & CO. acquired 40,000 shares of NB Bancorp, Inc. in the 1st quarter, representing an investment of approximately $716,000, making it the 20th largest position in their portfolio.
• Several institutional investors have significantly increased their stakes in NB Bancorp, with GAMMA Investing LLC growing its stake by 1,720.1% in the first quarter.
• NB Bancorp recently raised its dividend to $0.07 per share, resulting in an annualized dividend of $0.28 and a dividend yield of 1.5%.

Piper Sandler & CO. acquired a new position in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 40,000 shares of the company's stock, valued at approximately $716,000. NB Bancorp comprises approximately 0.5% of Piper Sandler & CO.'s holdings, making the stock its 20th biggest position. Piper Sandler & CO. owned 0.10% of NB Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Aviance Capital Partners LLC bought a new stake in shares of NB Bancorp during the 1st quarter worth $646,000. Ameriprise Financial Inc. lifted its position in shares of NB Bancorp by 79.5% during the 4th quarter. Ameriprise Financial Inc. now owns 79,500 shares of the company's stock worth $1,436,000 after buying an additional 35,200 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of NB Bancorp by 34.9% during the 4th quarter. Nuveen Asset Management LLC now owns 99,384 shares of the company's stock worth $1,795,000 after buying an additional 25,690 shares during the last quarter. Millennium Management LLC lifted its position in shares of NB Bancorp by 143.6% during the 4th quarter. Millennium Management LLC now owns 224,170 shares of the company's stock worth $4,049,000 after buying an additional 132,130 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in NB Bancorp by 259.6% in the fourth quarter. Two Sigma Advisers LP now owns 37,400 shares of the company's stock valued at $675,000 after purchasing an additional 27,000 shares during the last quarter.

NB Bancorp Trading Down 0.0%

NASDAQ NBBK traded down $0.0050 during trading hours on Tuesday, hitting $18.1250. 22,649 shares of the company's stock were exchanged, compared to its average volume of 253,865. The stock has a 50-day simple moving average of $17.76 and a 200 day simple moving average of $17.76. NB Bancorp, Inc. has a 1-year low of $15.09 and a 1-year high of $21.05. The firm has a market cap of $721.85 million, a price-to-earnings ratio of 13.63 and a beta of 0.44. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.17.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. NB Bancorp had a return on equity of 7.37% and a net margin of 15.86%.The firm had revenue of $51.19 million during the quarter. On average, equities analysts forecast that NB Bancorp, Inc. will post 1.39 EPS for the current fiscal year.

NB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 6th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, August 6th. NB Bancorp's dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their target price on NB Bancorp from $19.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, NB Bancorp has a consensus rating of "Buy" and a consensus price target of $20.00.

NB Bancorp Profile

NB Bancorp, Inc focuses on operating as a bank holding company for Needham Bank that provides various banking products and services in Greater Boston metropolitan area and surrounding communities in Massachusetts, eastern Connecticut, southern New Hampshire, and Rhode Island. The company offers various deposits, including certificate of deposit, individual retirement, money market, savings, NOW, demand deposit, and interest-bearing and noninterest-bearing checking accounts; and commercial real estate and multifamily, one- to four-family residential real estate, construction and land development, commercial and industrial, and consumer loans, as well as home equity loans and lines of credit.