NB Bancorp (NASDAQ:NBBK) Posts Earnings Results, Misses Estimates By $0.14 EPS

Key Points

• NB Bancorp missed estimates: the bank reported $0.38 EPS for the quarter versus $0.52 expected (a $0.14 miss) and posted a return on equity of 8.58% with a 14.30% net margin.
• The stock traded down to $21.45 on Wednesday with about 275,725 shares changing hands, and the firm pays a quarterly dividend of $0.07 (annualized $0.28, ~1.3% yield; payout ratio 20.9%).
• Insider buying and analyst view: CEO Joseph Campanelli bought 2,500 shares at $20.16 (insiders bought 8,500 shares last quarter), while analysts give a consensus "Moderate Buy" and a $24 price target (Piper Sandler reaffirmed an overweight rating at $24).

NB Bancorp (NASDAQ:NBBK - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.14), Zacks reports. NB Bancorp had a return on equity of 8.58% and a net margin of 14.30%.

NB Bancorp Stock Performance

NASDAQ NBBK traded down $0.13 during trading on Wednesday, hitting $21.45. 275,725 shares of the company's stock traded hands, compared to its average volume of 308,433. The stock has a market capitalization of $968.90 million, a price-to-earnings ratio of 16.01 and a beta of 0.37. NB Bancorp has a 12-month low of $15.44 and a 12-month high of $22.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 1.08. The business has a 50 day moving average of $21.51 and a 200-day moving average of $20.29.

NB Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, February 5th. This represents a $0.28 annualized dividend and a yield of 1.3%. NB Bancorp's dividend payout ratio is 20.90%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NBBK shares. Piper Sandler reaffirmed an "overweight" rating and set a $24.00 price objective on shares of NB Bancorp in a report on Monday, March 16th. Zacks Research downgraded shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, January 19th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of NB Bancorp in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

Insider Buying and Selling

In other news, CEO Joseph P. Campanelli purchased 2,500 shares of the stock in a transaction dated Thursday, March 19th. The shares were purchased at an average cost of $20.16 per share, with a total value of $50,400.00. Following the completion of the acquisition, the chief executive officer owned 396,661 shares in the company, valued at $7,996,685.76. This represents a 0.63% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought 8,500 shares of company stock worth $174,670 over the last quarter. 5.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NB Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Polymer Capital Management US LLC purchased a new stake in shares of NB Bancorp in the third quarter worth about $350,000. Davis R M Inc. purchased a new stake in shares of NB Bancorp in the fourth quarter worth about $316,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of NB Bancorp in the fourth quarter worth about $290,000. AQR Capital Management LLC purchased a new stake in shares of NB Bancorp in the first quarter worth about $253,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of NB Bancorp by 6.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 12,354 shares of the company's stock worth $245,000 after buying an additional 708 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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