BlackRock Inc. Acquires New Position in NB Bancorp, Inc. $NBBK

Key Points

• BlackRock acquired 3.33 million shares of NB Bancorp in the second quarter, valued at approximately $70.4 million and representing a 7.45% stake.
• NB Bancorp reported quarterly EPS of $0.55, exceeding the $0.48 consensus estimate, and declared a $0.07 quarterly dividend, yielding approximately 1.2% annually.
• Analyst sentiment remains positive, with the stock carrying an average “Buy” rating and a $25.50 average price target versus its recent price of $22.46.

BlackRock Inc. acquired a new stake in NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 3,331,544 shares of the company's stock, valued at approximately $70,396,000. BlackRock Inc. owned about 7.45% of NB Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in NB Bancorp by 75.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,286 shares of the company's stock worth $25,000 after purchasing an additional 553 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of NB Bancorp during the fourth quarter valued at about $46,000. SHP Wealth Management bought a new position in NB Bancorp in the fourth quarter worth about $68,000. Larson Financial Group LLC raised 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 worth $72,000 after buying an additional 3,093 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in NB Bancorp by 64,733.3% in the fourth quarter. Allworth Financial LP now owns 5,835 shares of the company's stock worth $116,000 after buying an additional 5,826 shares during the period.

NB Bancorp Price Performance

NASDAQ NBBK opened at $22.46 on Monday. NB Bancorp, Inc. has a 52 week low of $16.83 and a 52 week high of $23.47. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $984.20 million and a P/E ratio of 14.87. The stock's 50-day moving average price is $21.90 and its 200-day moving average price is $21.21.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $0.55 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts predict that NB Bancorp, Inc. will post 2.13 earnings per share for the current year.

NB Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, August 5th. NB Bancorp's dividend payout ratio is presently 18.54%.

Insiders Place Their Bets

In other NB Bancorp news, CEO Joseph P. Campanelli acquired 2,000 shares of the business's stock in a transaction on Thursday, August 20th. The shares were bought at an average price of $21.75 per share, with a total value of $43,500.00. Following the transaction, the chief executive officer directly owned 379,790 shares of the company's stock, valued at $8,260,432.50. The trade was a 0.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 5.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on NBBK. Piper Sandler raised their price objective on NB Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Wall Street Zen lowered shares of NB Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Keefe, Bruyette & Woods lifted their price target on shares of NB Bancorp from $24.00 to $25.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Weiss Ratings raised shares of NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, July 14th. Finally, Zacks Research upgraded shares of NB Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. 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 company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $25.50.

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.

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