NB Bancorp, Inc. $NBBK Holdings Boosted by International Assets Investment Management LLC

Key Points

• Institutional interest increased: International Assets Investment Management raised its NB Bancorp stake by 184.6% to 372,910 shares, while several other major investment firms also initiated or expanded positions.
• Analyst sentiment remains moderately positive: NB Bancorp has a consensus “Moderate Buy” rating and an average price target of $24.67, despite some firms downgrading the stock to “Hold.”
• Financial and shareholder updates: The company exceeded quarterly EPS expectations with $0.60 versus $0.59 forecast, and declared a quarterly dividend of $0.07 per share, equivalent to a 1.3% annualized yield.

International Assets Investment Management LLC lifted its stake in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) by 184.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 372,910 shares of the company's stock after purchasing an additional 241,897 shares during the quarter. International Assets Investment Management LLC owned 0.85% of NB Bancorp worth $8,249,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NBBK. BlackRock Inc. bought a new position in NB Bancorp in the 2nd quarter worth about $70,396,000. State Street Corp increased its position in shares of NB Bancorp by 13.8% during the second quarter. State Street Corp now owns 1,471,766 shares of the company's stock valued at $31,098,000 after buying an additional 178,228 shares during the period. Tieton Capital Management LLC bought a new stake in shares of NB Bancorp during the second quarter valued at about $11,550,000. Dimensional Fund Advisors LP lifted its holdings in shares of NB Bancorp by 81.4% in the first quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company's stock worth $11,006,000 after buying an additional 234,356 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of NB Bancorp by 110.2% in the first quarter. Sei Investments Co. now owns 302,181 shares of the company's stock worth $6,367,000 after buying an additional 158,397 shares in the last quarter.

Insider Activity at NB Bancorp

In related news, CEO Joseph Campanelli purchased 2,000 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were purchased at an average price of $21.75 per share, with a total value of $43,500.00. Following the acquisition, the chief executive officer directly owned 379,790 shares of the company's stock, valued at approximately $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 the SEC website. 5.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NBBK. Zacks Research lowered shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. New Street Research set a $24.00 target price on shares of NB Bancorp in a report on Tuesday. Wall Street Zen cut shares of NB Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Weiss Ratings raised shares of NB Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 2nd. Finally, Piper Sandler boosted their price target on shares of NB Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research report 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.67.

NB Bancorp Stock Performance

Shares of NBBK opened at $22.13 on Friday. The company has a market cap of $969.74 million and a PE ratio of 13.33. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average price of $22.50 and a 200-day moving average price of $21.49. NB Bancorp, Inc. has a 12-month low of $17.16 and a 12-month high of $23.47.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $76.55 million during the quarter, compared to analyst estimates of $77.30 million. NB Bancorp had a return on equity of 9.75% and a net margin of 14.86%. As a group, equities analysts forecast that NB Bancorp, Inc. will post 2.12 earnings per share for the current fiscal year.

NB Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Thursday, October 29th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 29th. NB Bancorp's payout ratio is currently 16.87%.

NB Bancorp Profile

NB Bancorp, Inc is the bank holding company for Needham Bank, a community-oriented financial institution headquartered in Needham, Massachusetts. Through Needham Bank, the company provides banking services to individuals, families, businesses, nonprofit organizations and municipalities, primarily in the Greater Boston and eastern Massachusetts markets.

Its products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, commercial real estate loans, commercial and industrial lending, construction loans and consumer credit.

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