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

Key Points

• Tieton Capital Management initiated a 546,600-share position in NB Bancorp valued at approximately $11.55 million, representing 3.3% of its portfolio and about 1.22% of the bank’s outstanding shares.
• Institutional ownership increased broadly, with BlackRock making a new $70.4 million investment and Vanguard, Geode, Pertento Partners, and Hotchkis & Wiley expanding their stakes.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and average price target of $25.50. NB Bancorp also beat quarterly EPS estimates, reporting $0.55 versus the expected $0.48, and pays a quarterly dividend of $0.07 per share.

Tieton Capital Management LLC bought a new position in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 546,600 shares of the company's stock, valued at approximately $11,550,000. NB Bancorp makes up 3.3% of Tieton Capital Management LLC's holdings, making the stock its 13th largest position. Tieton Capital Management LLC owned about 1.22% of NB Bancorp at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NBBK. BlackRock Inc. purchased a new position in NB Bancorp in the second quarter worth $70,396,000. Pertento Partners LLP grew its stake in shares of NB Bancorp by 10.9% during the 4th quarter. Pertento Partners LLP now owns 2,343,776 shares of the company's stock worth $46,454,000 after purchasing an additional 229,440 shares during the period. Vanguard Group Inc. grew its stake in shares of NB Bancorp by 18.0% during the 4th quarter. Vanguard Group Inc. now owns 2,301,034 shares of the company's stock worth $45,606,000 after purchasing an additional 350,899 shares during the period. Geode Capital Management LLC increased its holdings in shares of NB Bancorp by 10.3% in the 4th quarter. Geode Capital Management LLC now owns 966,662 shares of the company's stock valued at $19,162,000 after purchasing an additional 90,014 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of NB Bancorp by 27.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 694,982 shares of the company's stock valued at $12,266,000 after purchasing an additional 148,472 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NBBK shares. Keefe, Bruyette & Woods boosted their price objective on shares of NB Bancorp from $24.00 to $25.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Zacks Research raised NB Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 14th. Piper Sandler raised their price objective on NB Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen raised NB Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $25.50.

NB Bancorp Trading Down 3.7%

Shares of NBBK opened at $21.90 on Thursday. 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, Inc. has a 1-year low of $16.83 and a 1-year high of $23.47. The stock has a market cap of $959.66 million and a price-to-earnings ratio of 14.50. The firm has a 50 day simple moving average of $21.63 and a 200-day simple moving average of $21.20.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 forecast that NB Bancorp, Inc. will post 2.13 EPS for the current fiscal year.

NB Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, August 5th. NB Bancorp's dividend payout ratio (DPR) is currently 18.54%.

NB Bancorp 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.

Want to see what other hedge funds are holding NBBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NB Bancorp, Inc. (NASDAQ:NBBK - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source