NB Bancorp (NASDAQ:NBBK) Announces Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• NB Bancorp reported quarterly earnings of $0.45 per share, exceeding analysts' expectations of $0.42 by $0.03.
• After the earnings announcement, shares of NB Bancorp increased by 0.7%, reaching a price of $17.90.
• Analyst ratings for NB Bancorp vary, with one analyst offering a "Buy" rating and two giving "Hold" ratings, resulting in an average target price of $20.00.

NB Bancorp (NASDAQ:NBBK - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.03, Zacks reports. NB Bancorp had a return on equity of 7.37% and a net margin of 15.86%.

NB Bancorp Trading Up 0.7%

Shares of NBBK traded up $0.12 during trading hours on Wednesday, reaching $17.90. The stock had a trading volume of 157,926 shares, compared to its average volume of 234,581. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.17. NB Bancorp has a 52 week low of $15.09 and a 52 week high of $21.05. The firm has a 50-day moving average of $18.22 and a 200 day moving average of $17.61. The company has a market cap of $712.89 million, a P/E ratio of 13.46 and a beta of 0.37.

Hedge Funds Weigh In On NB Bancorp

A number of large investors have recently modified their holdings of NBBK. Tower Research Capital LLC TRC boosted its stake in shares of NB Bancorp by 464.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,022 shares of the company's stock worth $143,000 after buying an additional 6,602 shares during the last quarter. AQR Capital Management LLC acquired a new position in NB Bancorp during the first quarter valued at approximately $253,000. State of Wyoming raised its position in NB Bancorp by 38.9% during the second quarter. State of Wyoming now owns 16,365 shares of the company's stock valued at $292,000 after purchasing an additional 4,583 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in NB Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,127 shares of the company's stock valued at $418,000 after purchasing an additional 975 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new position in NB Bancorp during the second quarter valued at approximately $426,000.

Wall Street Analysts Forecast Growth

NBBK has been the topic of several analyst reports. Piper Sandler upped their price objective on NB Bancorp from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Zacks Research downgraded NB Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, September 22nd. Finally, Weiss Ratings raised NB Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $20.00.

About NB Bancorp

NB Bancorp, Inc focuses on operating as a bank holding company for Needham Bank that provides various banking products and services in Greater Boston metropolitan area and surrounding communities in Massachusetts, eastern Connecticut, southern New Hampshire, and Rhode Island. The company offers various deposits, including certificate of deposit, individual retirement, money market, savings, NOW, demand deposit, and interest-bearing and noninterest-bearing checking accounts; and commercial real estate and multifamily, one- to four-family residential real estate, construction and land development, commercial and industrial, and consumer loans, as well as home equity loans and lines of credit.

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