Legato Capital Management LLC Makes New Investment in NB Bancorp, Inc. $NBBK

Key Points

• Legato Capital Management opened a new position in NB Bancorp, buying 171,361 shares worth about $3.4 million and ending the quarter with 0.43% of the company.
• NB Bancorp recently missed quarterly earnings expectations, reporting $0.38 EPS versus the $0.54 consensus, while revenue also came in slightly below estimates.
• The stock has seen mixed sentiment: the company paid a $0.07 quarterly dividend (1.4% annualized yield), but analysts now mostly rate it Hold with a consensus target price of $24.

Legato Capital Management LLC acquired a new position in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 171,361 shares of the company's stock, valued at approximately $3,396,000. Legato Capital Management LLC owned 0.43% of NB Bancorp at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in shares of NB Bancorp during the 3rd quarter worth $28,000. Larson Financial Group LLC grew its holdings in shares of NB Bancorp by 577.1% during the 4th quarter. Larson Financial Group LLC now owns 3,629 shares of the company's stock worth $72,000 after purchasing an additional 3,093 shares in the last quarter. Allworth Financial LP grew its holdings in shares of NB Bancorp by 64,733.3% during the 4th quarter. Allworth Financial LP now owns 5,835 shares of the company's stock worth $116,000 after purchasing an additional 5,826 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of NB Bancorp by 1,640.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,945 shares of the company's stock worth $123,000 after purchasing an additional 6,546 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of NB Bancorp by 464.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,022 shares of the company's stock worth $143,000 after purchasing an additional 6,602 shares in the last quarter.

NB Bancorp Stock Performance

NASDAQ:NBBK opened at $19.78 on Friday. The stock's 50-day simple moving average is $20.78 and its 200 day simple moving average is $20.59. The firm has a market capitalization of $884.36 million, a PE ratio of 14.44 and a beta of 0.06. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.23. NB Bancorp, Inc. has a twelve month low of $15.44 and a twelve month high of $22.86.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.16). The business had revenue of $69.38 million during the quarter, compared to analyst estimates of $70.83 million. NB Bancorp had a net margin of 13.81% and a return on equity of 8.57%. On average, analysts anticipate that NB Bancorp, Inc. will post 2.02 EPS for the current fiscal year.

NB Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were given a $0.07 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.28 annualized dividend and a yield of 1.4%. NB Bancorp's dividend payout ratio (DPR) is currently 20.44%.

Analysts Set New Price Targets

NBBK has been the topic of several analyst reports. Zacks Research lowered NB Bancorp from a "hold" rating to a "strong sell" rating in a report on Monday, April 27th. Piper Sandler reduced their target price on NB Bancorp from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NB Bancorp in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.00.

Insider Activity

In other news, Director Hope Pascucci bought 20,000 shares of the company's stock in a transaction on Friday, April 24th. The stock was purchased at an average cost of $19.46 per share, for a total transaction of $389,200.00. Following the completion of the transaction, the director owned 142,402 shares of the company's stock, valued at $2,771,142.92. This trade represents a 16.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joseph P. Campanelli bought 5,000 shares of the company's stock in a transaction on Friday, March 6th. The stock was purchased at an average price of $20.77 per share, with a total value of $103,850.00. Following the completion of the transaction, the chief executive officer directly owned 47,000 shares of the company's stock, valued at approximately $976,190. The trade was a 11.90% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 34,000 shares of company stock valued at $670,035 over the last quarter. Corporate insiders own 5.10% of the company's stock.

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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