NB Bancorp, Inc. $NBBK Stake Lowered by Bank of America Corp DE

Key Points

• Bank of America cut its NB Bancorp stake by 58.8% in the second quarter, selling 69,896 shares and retaining 48,905 shares valued at approximately $1.03 million.
• NB Bancorp’s CEO Joseph Campanelli purchased 2,000 shares at $21.75 each, while insiders collectively own 5.1% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $25.50; the company also exceeded quarterly earnings expectations and pays a $0.07 quarterly dividend.

Bank of America Corp DE decreased its position in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) by 58.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 48,905 shares of the company's stock after selling 69,896 shares during the period. Bank of America Corp DE owned 0.11% of NB Bancorp worth $1,033,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NBBK. EverSource Wealth Advisors LLC lifted its holdings in shares of NB Bancorp by 75.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,286 shares of the company's stock valued at $25,000 after acquiring an additional 553 shares in the last quarter. AFG Fiduciary Services Limited Partnership increased its stake in shares of NB Bancorp by 6.8% in the second quarter. AFG Fiduciary Services Limited Partnership now owns 12,493 shares of the company's stock valued at $264,000 after purchasing an additional 800 shares during the period. Wedge Capital Management L L P NC lifted its holdings in NB Bancorp by 2.0% in the second quarter. Wedge Capital Management L L P NC now owns 43,216 shares of the company's stock worth $913,000 after purchasing an additional 860 shares during the period. Royal Bank of Canada increased its position in shares of NB Bancorp by 7.0% during the 1st quarter. Royal Bank of Canada now owns 13,268 shares of the company's stock valued at $280,000 after purchasing an additional 868 shares during the period. Finally, Diversified Trust Co raised its holdings in shares of NB Bancorp by 7.4% in the 1st quarter. Diversified Trust Co now owns 13,194 shares of the company's stock worth $278,000 after purchasing an additional 910 shares in the last quarter.

Insider Buying and Selling at NB Bancorp

In related news, CEO Joseph Campanelli acquired 2,000 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was acquired at an average price of $21.75 per share, with a total value of $43,500.00. Following the purchase, the chief executive officer directly owned 379,790 shares in the company, valued at approximately $8,260,432.50. This trade 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 this link. 5.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of NB Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Keefe, Bruyette & Woods increased their price objective on NB Bancorp from $24.00 to $25.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Weiss Ratings raised NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 14th. Piper Sandler upped their target price on shares of NB Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Finally, Zacks Research downgraded shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 21st. 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.50.

NB Bancorp Trading Up 1.3%

NBBK stock opened at $22.57 on Friday. NB Bancorp, Inc. has a one year low of $16.83 and a one year high of $23.47. The stock has a market cap of $988.97 million and a price-to-earnings ratio of 14.95. The company has a fifty day moving average price of $22.66 and a two-hundred day moving average price of $21.40. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.06 and a quick ratio of 1.05.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $0.55 earnings per share for the quarter, topping 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%. Equities analysts anticipate that NB Bancorp, Inc. will post 2.13 EPS for the current year.

NB Bancorp Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.