NB Bancorp (NASDAQ:NBBK) Hits New 12-Month High - Still a Buy?

Key Points

• NB Bancorp shares reached a new 52-week high of $23.47, while analysts maintain a consensus “Buy” rating and an average price target of $25.50.
• The bank exceeded quarterly expectations, reporting earnings per share of $0.55 versus the $0.48 estimate and revenue of $74.70 million versus $72.74 million expected.
• NB Bancorp declared a quarterly dividend of $0.07 per share, equivalent to an annualized $0.28 payout and a 1.2% yield; CEO Joseph Campanelli also recently purchased 3,000 shares.

NB Bancorp, Inc. (NASDAQ:NBBK - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $23.47 and last traded at $23.1950, with a volume of 35286 shares changing hands. The stock had previously closed at $23.01.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Zacks Research raised NB Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Wall Street Zen upgraded NB Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday. Keefe, Bruyette & Woods increased their target price 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. Piper Sandler raised their target price on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised shares of NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $25.50.

NB Bancorp Price Performance

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 firm has a market cap of $1.03 billion and a PE ratio of 15.22. The stock has a 50 day simple moving average of $20.89 and a 200-day simple moving average of $20.98.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.07. NB Bancorp had a return on equity of 9.21% and a net margin of 14.27%.The business had revenue of $74.70 million for the quarter, compared to analysts' expectations of $72.74 million. Equities analysts anticipate that NB Bancorp, Inc. will post 2.13 earnings per share for the current fiscal year.

NB Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 5th. NB Bancorp's dividend payout ratio (DPR) is 18.54%.

Insider Buying and Selling

In other NB Bancorp news, CEO Joseph P. Campanelli purchased 3,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $19.18 per share, with a total value of $57,540.00. Following the acquisition, the chief executive officer owned 377,790 shares in the company, valued at approximately $7,246,012.20. This trade represents a 0.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.10% of the company's stock.

Institutional Investors Weigh In On NB Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new position in shares of NB Bancorp in the first quarter worth $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 acquiring an additional 975 shares in the last quarter. Millennium Management LLC increased its holdings in NB Bancorp by 13.1% in the 1st quarter. Millennium Management LLC now owns 253,543 shares of the company's stock valued at $4,582,000 after acquiring an additional 29,373 shares during the last quarter. Jane Street Group LLC lifted its stake in NB Bancorp by 54.3% in the 1st quarter. Jane Street Group LLC now owns 54,613 shares of the company's stock worth $987,000 after purchasing an additional 19,213 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in NB Bancorp by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 62,014 shares of the company's stock worth $1,108,000 after purchasing an additional 2,237 shares in the last quarter.

About NB Bancorp

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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