Bank of New York Mellon Corp Invests $3.62 Million in NB Bancorp, Inc. $NBBK

Key Points

• Bank of New York Mellon initiated a $3.62 million position in NB Bancorp during the second quarter, purchasing 171,541 shares, or approximately 0.38% of the company.
• NB Bancorp reported quarterly EPS of $0.55, exceeding estimates of $0.48. Analysts maintain a consensus “Buy” rating with an average price target of $25.50, compared with a recent share price of $23.16.
• CEO Joseph Campanelli bought 2,000 shares for $43,500, while the company paid a quarterly dividend of $0.07, equivalent to a 1.2% annualized yield.

Bank of New York Mellon Corp purchased a new position in NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 171,541 shares of the company's stock, valued at approximately $3,625,000. Bank of New York Mellon Corp owned 0.38% of NB Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in NB Bancorp by 75.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,286 shares of the company's stock worth $25,000 after buying an additional 553 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of NB Bancorp during the 4th quarter worth approximately $46,000. SHP Wealth Management bought a new stake in shares of NB Bancorp during the 4th quarter worth approximately $68,000. Larson Financial Group LLC increased its stake in NB Bancorp by 577.1% in the fourth quarter. Larson Financial Group LLC now owns 3,629 shares of the company's stock valued at $72,000 after acquiring an additional 3,093 shares during the last quarter. Finally, Allworth Financial LP increased its stake in NB Bancorp by 64,733.3% in the fourth quarter. Allworth Financial LP now owns 5,835 shares of the company's stock valued at $116,000 after acquiring an additional 5,826 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Joseph Campanelli purchased 2,000 shares of the stock in a transaction on Thursday, August 20th. The stock was purchased at an average price of $21.75 per share, for a total transaction of $43,500.00. Following the acquisition, the chief executive officer owned 379,790 shares in the company, valued at $8,260,432.50. This trade represents a 0.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NBBK has been the subject of several recent analyst reports. Weiss Ratings upgraded NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, July 14th. Piper Sandler boosted 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. Keefe, Bruyette & Woods upped their price objective on NB Bancorp from $24.00 to $25.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 28th. Wall Street Zen lowered NB Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Zacks Research upgraded NB Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $25.50.

NB Bancorp Stock Performance

Shares of NB Bancorp stock opened at $23.16 on Monday. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 15.34 and a beta of -0.01. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.22. NB Bancorp, Inc. has a twelve month low of $16.83 and a twelve month high of $23.47. The company's fifty day moving average is $22.08 and its 200 day moving average is $21.24.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. NB Bancorp had a return on equity of 9.13% and a net margin of 14.27%. Sell-side analysts forecast that NB Bancorp, Inc. will post 2.13 EPS for the current year.

NB Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th were 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 was Wednesday, August 5th. NB Bancorp's payout ratio is currently 18.54%.

NB Bancorp Company Profile

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.

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