NB Bancorp (NASDAQ:NBBK) Sets New 12-Month High on Analyst Upgrade

Key Points

• NB Bancorp shares reached a new 52-week high after Keefe, Bruyette & Woods raised its price target to $25.00. Analysts maintain an overall “Buy” consensus with an average target price of $25.50.
• The company exceeded quarterly expectations, reporting $0.55 in EPS versus the $0.48 consensus and revenue of $74.70 million versus estimates of $72.74 million.
• CEO Joseph P. Campanelli purchased 3,000 shares, while several institutional investors increased their holdings. NB Bancorp also announced a quarterly dividend of $0.07 per share, representing a 1.2% yield.

NB Bancorp, Inc. (NASDAQ:NBBK - Get Free Report)'s share price hit a new 52-week high on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $24.00 to $25.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. NB Bancorp traded as high as $22.96 and last traded at $22.92, with a volume of 115975 shares changing hands. The stock had previously closed at $22.43.

Other equities research analysts have also issued research reports about the company. Zacks Research upgraded 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 research note on Tuesday, July 14th. Finally, Piper Sandler upped 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. One equities research 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 stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $25.50.

Insider Buying and Selling

In related news, CEO Joseph P. Campanelli bought 3,000 shares of the company's stock in a transaction on Friday, May 15th. The shares were purchased at an average cost of $19.18 per share, with a total value of $57,540.00. Following the completion of the transaction, the chief executive officer directly owned 377,790 shares of the company's stock, valued at approximately $7,246,012.20. This represents a 0.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NB Bancorp

Several large investors have recently made changes to their positions in NBBK. Pertento Partners LLP grew its holdings in NB Bancorp by 10.9% in the 4th quarter. Pertento Partners LLP now owns 2,343,776 shares of the company's stock worth $46,454,000 after buying an additional 229,440 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of NB Bancorp by 18.0% in the fourth 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 in the last quarter. Geode Capital Management LLC increased its holdings in shares of NB Bancorp by 10.3% during the fourth 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 during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of NB Bancorp by 27.2% during the third 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. Finally, AltraVue Capital LLC acquired a new stake in NB Bancorp in the fourth quarter worth about $13,735,000.

NB Bancorp Stock Up 2.2%

The stock's 50-day moving average is $20.64 and its 200-day moving average is $20.90. The stock has a market cap of $1.02 billion, a P/E ratio of 15.18 and a beta of 0.03. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23.

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

NB Bancorp Announces Dividend

The company 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. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.28 annualized dividend and a yield of 1.2%. NB Bancorp's dividend payout ratio (DPR) is currently 18.54%.

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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