NB Bancorp, Inc. $NBBK Stake Increased by State Street Corp

Key Points

• State Street increased its NB Bancorp stake by 13.8% in the second quarter, adding 178,228 shares to own 1.47 million shares, or about 3.36% of the company. Several other institutional investors also initiated or expanded positions.
• NB Bancorp reported quarterly EPS of $0.55, beating the $0.48 consensus estimate. The company also declared a quarterly dividend of $0.07 per share, equivalent to a 1.2% annualized yield.
• Analyst sentiment remains positive but mixed: the stock has a “Moderate Buy” consensus rating and a $25.50 average price target, while some firms recently downgraded shares to “Hold.” CEO Joseph Campanelli separately purchased 2,000 shares.

State Street Corp increased its holdings in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) by 13.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,471,766 shares of the company's stock after acquiring an additional 178,228 shares during the period. State Street Corp owned approximately 3.36% of NB Bancorp worth $31,098,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NBBK. Sequoia Financial Advisors LLC acquired a new position in shares of NB Bancorp during the 2nd quarter worth $224,000. Corient Private Wealth LP acquired a new stake in shares of NB Bancorp during the 2nd quarter valued at approximately $221,000. Empowered Funds LLC boosted its stake in shares of NB Bancorp by 7.7% during the 2nd quarter. Empowered Funds LLC now owns 181,399 shares of the company's stock worth $3,833,000 after acquiring an additional 13,005 shares in the last quarter. Raffles Associates LP grew its holdings in shares of NB Bancorp by 114.3% in the 2nd quarter. Raffles Associates LP now owns 31,874 shares of the company's stock worth $673,000 after acquiring an additional 17,000 shares during the period. Finally, Jupiter Topco LLC purchased a new position in NB Bancorp in the 2nd quarter valued at approximately $313,000.

Insider Buying and Selling at NB Bancorp

In other NB Bancorp news, CEO Joseph Campanelli acquired 2,000 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were acquired at an average price of $21.75 per share, for a total transaction of $43,500.00. Following the completion of the acquisition, the chief executive officer directly owned 379,790 shares of the company's stock, 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 legal filing with the SEC, which is available at the SEC website. 5.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Zacks Research cut NB Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday. Wall Street Zen lowered shares of NB Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Piper Sandler raised their target price on shares of NB Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods upped their price target on shares of NB Bancorp from $24.00 to $25.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Finally, 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. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $25.50.

NB Bancorp Stock Performance

Shares of NASDAQ NBBK opened at $22.50 on Friday. The company has a market cap of $985.95 million, a PE ratio of 14.90 and a beta of -0.01. NB Bancorp, Inc. has a 12 month low of $16.83 and a 12 month high of $23.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.06 and a quick ratio of 1.05. The company has a 50-day simple moving average of $22.55 and a 200-day simple moving average of $21.35.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.27% and a return on equity of 9.13%. On average, equities analysts anticipate that NB Bancorp, Inc. will post 2.13 earnings per share for the current year.

NB Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 5th were paid a dividend of $0.07 per share. 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 dividend payout ratio is currently 18.54%.

About NB Bancorp

NB Bancorp, Inc is the bank holding company for Needham Bank, a community bank headquartered in Needham, Massachusetts. Through its banking subsidiary, the company provides 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 and other traditional banking services. The bank also provides cash management, online and mobile banking, treasury services and wealth management solutions designed to support personal and business financial needs.

Founded in 1892, Needham Bank primarily serves communities in eastern Massachusetts and southern New Hampshire through its branch network and digital banking channels.

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