NB Bancorp, Inc. $NBBK Shares Newly Bought by SummerHaven Investment Management LLC

Key Points

• SummerHaven Investment Management initiated a 49,226-share position in NB Bancorp worth approximately $1.09 million, while several other institutional investors also increased or started holdings.
• NB Bancorp reported quarterly EPS of $0.60, slightly exceeding the $0.59 consensus estimate, though revenue of $76.55 million fell short of expectations. The company also declared a quarterly dividend of $0.07 per share, yielding about 1.3% annually.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and a $25.50 price target versus the stock’s recent price near $21.86; CEO Joseph Campanelli also purchased 2,000 shares.

SummerHaven Investment Management LLC bought a new stake in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 49,226 shares of the company's stock, valued at approximately $1,089,000. SummerHaven Investment Management LLC owned approximately 0.11% of NB Bancorp at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Legal & General Group Plc bought a new stake in shares of NB Bancorp in the 2nd quarter valued at approximately $1,198,000. Bank of New York Mellon Corp purchased a new position in shares of NB Bancorp in the 2nd quarter worth approximately $3,625,000. Dimensional Fund Advisors LP boosted its holdings in shares of NB Bancorp by 81.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company's stock worth $11,006,000 after purchasing an additional 234,356 shares during the period. State Street Corp increased its position in shares of NB Bancorp by 13.8% during the 2nd quarter. State Street Corp now owns 1,471,766 shares of the company's stock valued at $31,098,000 after purchasing an additional 178,228 shares during the last quarter. Finally, Tieton Capital Management LLC bought a new position in shares of NB Bancorp during the 2nd quarter valued at approximately $11,550,000.

Insider Activity at NB Bancorp

In other NB Bancorp news, CEO Joseph Campanelli purchased 2,000 shares of NB Bancorp stock in a transaction dated Thursday, August 20th. The shares were purchased at an average cost of $21.75 per share, for a total transaction of $43,500.00. Following the completion of the acquisition, the chief executive officer owned 379,790 shares in the company, valued at $8,260,432.50. This represents a 0.53% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.10% of the company's stock.

NB Bancorp Stock Performance

Shares of NASDAQ:NBBK opened at $21.86 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. NB Bancorp, Inc. has a 12 month low of $17.10 and a 12 month high of $23.47. The company has a market capitalization of $957.86 million and a price-to-earnings ratio of 13.17. The firm's 50-day moving average is $22.54 and its 200 day moving average is $21.52.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its quarterly earnings data on Thursday, October 15th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. The business had revenue of $76.55 million during the quarter, compared to the consensus estimate of $77.30 million. NB Bancorp had a net margin of 14.86% and a return on equity of 9.75%. Research analysts predict that NB Bancorp, Inc. will post 2.13 EPS for the current year.

NB Bancorp Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on NBBK shares. Weiss Ratings upgraded NB Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 2nd. Wall Street Zen downgraded NB Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of NB Bancorp from $24.00 to $25.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. Piper Sandler boosted their price objective 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. Finally, Zacks Research cut shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.50.

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 and financial services to individuals, families, businesses, nonprofit organizations and municipalities.

Needham Bank offers deposit products, residential and commercial real estate lending, commercial and industrial loans, construction financing, consumer loans, cash-management services and other treasury-management solutions.

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