NB Bancorp (NASDAQ:NBBK) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded NB Bancorp from “hold” to “buy,” joining other analysts issuing positive revisions. MarketBeat reports a consensus “Buy” rating and a $25.50 average price target.
• NB Bancorp shares opened at $23.01, near their 52-week high of $23.27. The bank exceeded quarterly expectations, reporting EPS of $0.55 versus the $0.48 consensus and revenue of $74.70 million.
• Insider and institutional activity has been supportive: CEO Joseph Campanelli purchased 3,000 shares, while Vanguard increased its stake by 18% and UBS boosted its position by 264.4%.

NB Bancorp (NASDAQ:NBBK - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently weighed in on NBBK. Weiss Ratings raised shares of NB Bancorp from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, July 14th. Piper Sandler boosted their target price on NB Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on NB Bancorp from $24.00 to $25.00 and gave the stock a "market perform" rating in a report on Tuesday. Finally, Zacks Research raised NB Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $25.50.

NB Bancorp Stock Up 1.2%

NB Bancorp stock opened at $23.01 on Friday. NB Bancorp has a twelve month low of $16.76 and a twelve month high of $23.27. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $20.89 and a 200-day moving average of $20.97. The stock has a market capitalization of $1.03 billion, a PE ratio of 15.24 and a beta of 0.03.

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, topping analysts' consensus estimates of $0.48 by $0.07. The business had revenue of $74.70 million during the quarter, compared to the consensus estimate of $72.74 million. NB Bancorp had a return on equity of 9.21% and a net margin of 14.27%. On average, equities research analysts anticipate that NB Bancorp will post 2.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joseph P. Campanelli bought 3,000 shares of the firm's stock in a transaction on Friday, May 15th. The stock was acquired at an average price of $19.18 per share, with a total value of $57,540.00. Following the transaction, the chief executive officer owned 377,790 shares of the company's stock, valued at $7,246,012.20. This trade represents a 0.80% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.10% of the company's stock.

Institutional Investors Weigh In On NB Bancorp

A number of hedge funds have recently added to or reduced their stakes in NBBK. AltraVue Capital LLC bought a new stake in NB Bancorp during the 4th quarter worth approximately $13,735,000. Tieton Capital Management LLC purchased a new position in NB Bancorp during the fourth quarter worth about $10,404,000. Vanguard Group Inc. lifted its position in shares of NB Bancorp by 18.0% during the 4th quarter. Vanguard Group Inc. now owns 2,301,034 shares of the company's stock worth $45,606,000 after buying an additional 350,899 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of NB Bancorp in the fourth quarter valued at approximately $5,709,000. Finally, UBS Group AG boosted its position in NB Bancorp by 264.4% in the third quarter. UBS Group AG now owns 378,353 shares of the company's stock worth $6,678,000 after purchasing an additional 274,511 shares during 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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