Vanguard Group Inc. Grows Stock Holdings in NB Bancorp, Inc. $NBBK

Key Points

• Vanguard Group increased its NB Bancorp stake by 18% in the fourth quarter, adding 350,899 shares and bringing its total holdings to 2.3 million shares, or about 5.78% of the company.
• NB Bancorp reported weaker-than-expected quarterly earnings, with EPS of $0.38 versus the $0.54 consensus and revenue of $69.38 million versus estimates of $70.83 million.
• The company announced a quarterly dividend of $0.07 per share, payable May 20, while insiders also showed confidence by buying shares, including CEO Joseph P. Campanelli and Director Hope Pascucci.

Vanguard Group Inc. lifted its position in shares of NB Bancorp, Inc. (NASDAQ:NBBK - Free Report) by 18.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,301,034 shares of the company's stock after buying an additional 350,899 shares during the quarter. Vanguard Group Inc. owned approximately 5.78% of NB Bancorp worth $45,606,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of NB Bancorp by 27.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 694,982 shares of the company's stock valued at $12,266,000 after buying an additional 148,472 shares in the last quarter. UBS Group AG lifted its stake in shares of NB Bancorp by 264.4% during the 3rd quarter. UBS Group AG now owns 378,353 shares of the company's stock valued at $6,678,000 after buying an additional 274,511 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of NB Bancorp by 165.9% during the 2nd quarter. Marshall Wace LLP now owns 315,460 shares of the company's stock valued at $5,634,000 after buying an additional 196,837 shares in the last quarter. Millennium Management LLC lifted its stake in shares of NB Bancorp by 13.1% during the 1st quarter. Millennium Management LLC now owns 253,543 shares of the company's stock valued at $4,582,000 after buying an additional 29,373 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of NB Bancorp by 45.8% during the 3rd quarter. Two Sigma Investments LP now owns 205,869 shares of the company's stock valued at $3,634,000 after buying an additional 64,635 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NBBK. Piper Sandler lowered their target price on shares of NB Bancorp from $25.00 to $24.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Weiss Ratings restated a "hold (c)" rating on shares of NB Bancorp in a research note on Thursday, April 2nd. Finally, Zacks Research cut shares of NB Bancorp from a "hold" rating to a "strong sell" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $24.00.

Insider Activity

In other NB Bancorp news, CEO Joseph P. Campanelli bought 2,500 shares of the firm's stock in a transaction dated Friday, April 24th. The shares were purchased at an average cost of $19.45 per share, for a total transaction of $48,625.00. Following the transaction, the chief executive officer owned 374,790 shares of the company's stock, valued at $7,289,665.50. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hope Pascucci bought 20,000 shares of the firm's stock in a transaction dated Friday, April 24th. The shares were acquired at an average price of $19.46 per share, for a total transaction of $389,200.00. Following the completion of the transaction, the director directly owned 142,402 shares in the company, valued at approximately $2,771,142.92. This represents a 16.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 31,000 shares of company stock worth $612,495 over the last 90 days. Corporate insiders own 5.10% of the company's stock.

NB Bancorp Stock Down 2.3%

Shares of NASDAQ NBBK opened at $19.17 on Friday. The firm's 50-day moving average price is $20.91 and its 200-day moving average price is $20.53. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $857.09 million, a price-to-earnings ratio of 13.99 and a beta of 0.06. NB Bancorp, Inc. has a 12-month low of $15.44 and a 12-month high of $22.86.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.16). The business had revenue of $69.38 million for the quarter, compared to analysts' expectations of $70.83 million. NB Bancorp had a net margin of 13.81% and a return on equity of 8.57%. On average, equities research analysts anticipate that NB Bancorp, Inc. will post 2.02 EPS for the current fiscal year.

NB Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Wednesday, May 6th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, May 6th. NB Bancorp's dividend payout ratio is currently 20.44%.

NB Bancorp Company 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.

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