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NB Bancorp (NASDAQ:NBBK) Trading 6.1% Higher on Better-Than-Expected Earnings

NB Bancorp logo with Finance background

NB Bancorp, Inc. (NASDAQ:NBBK - Get Free Report)'s stock price was up 6.1% on Thursday following a stronger than expected earnings report. The stock traded as high as $19.32 and last traded at $19.22. Approximately 153,741 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 262,069 shares. The stock had previously closed at $18.12.

The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. The business had revenue of $51.19 million during the quarter. NB Bancorp had a return on equity of 7.34% and a net margin of 15.86%.

NB Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 6th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Wednesday, August 6th. NB Bancorp's payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lifted their price objective on NB Bancorp from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday.

Check Out Our Latest Report on NB Bancorp

Insiders Place Their Bets

In related news, Director Francis Orfanello bought 5,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were bought at an average cost of $17.09 per share, for a total transaction of $85,450.00. Following the completion of the transaction, the director owned 130,237 shares of the company's stock, valued at approximately $2,225,750.33. This trade represents a 3.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 6,500 shares of company stock worth $110,935 in the last quarter. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NB Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new position in NB Bancorp during the first quarter valued at approximately $26,000. Tower Research Capital LLC TRC boosted its stake in NB Bancorp by 87.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,433 shares of the company's stock valued at $80,000 after buying an additional 2,073 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of NB Bancorp by 1,720.1% in the 1st quarter. GAMMA Investing LLC now owns 4,987 shares of the company's stock valued at $90,000 after purchasing an additional 4,713 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of NB Bancorp by 375.5% in the 4th quarter. Quantbot Technologies LP now owns 6,191 shares of the company's stock valued at $112,000 after purchasing an additional 4,889 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of NB Bancorp in the 4th quarter valued at approximately $128,000.

NB Bancorp Price Performance

The firm has a market capitalization of $744.46 million, a P/E ratio of 13.80 and a beta of 0.46. The firm has a 50 day moving average price of $17.50 and a 200-day moving average price of $17.82. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.12.

NB Bancorp Company Profile

(Get Free Report)

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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