NB Bancorp (NASDAQ:NBBK) Stock Breaks Below 50 Day Moving Average - What's Next?

Key Points

• NB Bancorp shares fell below their 50-day moving average, trading as low as $22.23 and last at $22.29, versus the average of $22.51.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $24.67; recent target changes ranged from $24 to $26, while some firms downgraded their ratings to Hold.
• Quarterly EPS of $0.60 slightly topped the $0.59 estimate, but revenue of $76.55 million came in below the $77.30 million consensus. The company also declared a $0.07 quarterly dividend, a 1.3% annualized yield.

NB Bancorp, Inc. (NASDAQ:NBBK - Get Free Report) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $22.51 and traded as low as $22.23. NB Bancorp shares last traded at $22.29, with a volume of 251,426 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. New Street Research set a $24.00 price objective on shares of NB Bancorp in a research report on Tuesday, October 27th. Wall Street Zen downgraded shares of NB Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Keefe, Bruyette & Woods reduced their target price on shares of NB Bancorp from $25.00 to $24.00 and set a "market perform" rating for the company in a research report on Tuesday, October 27th. Zacks Research lowered shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Piper Sandler lifted their price target on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, NB Bancorp has an average rating of "Moderate Buy" and an average target price of $24.67.

NB Bancorp Stock Performance

The company has a 50-day moving average price of $22.51 and a two-hundred day moving average price of $21.52. The stock has a market capitalization of $976.75 million, a P/E ratio of 13.43 and a beta of 0.01. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 0.22.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last announced its quarterly earnings results on Thursday, October 15th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.01. NB Bancorp had a net margin of 14.86% and a return on equity of 9.75%. The firm had revenue of $76.55 million for the quarter, compared to the consensus estimate of $77.30 million. Equities analysts expect that NB Bancorp, Inc. will post 2.12 earnings per share for the current year.

NB Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Thursday, October 29th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 29th. NB Bancorp's dividend payout ratio is 16.87%.

Insider Transactions at NB Bancorp

In other news, CEO Joseph Campanelli bought 2,000 shares of the stock in a transaction on Thursday, August 20th. The shares were acquired at an average cost of $21.75 per share, for a total transaction of $43,500.00. Following the purchase, the chief executive officer directly owned 379,790 shares of the company's stock, valued at $8,260,432.50. This trade represents a 0.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NBBK. Flagship Wealth Advisors LLC bought a new position in NB Bancorp in the 3rd quarter worth about $760,000. International Assets Investment Management LLC raised its holdings in shares of NB Bancorp by 1.7% in the 3rd quarter. International Assets Investment Management LLC now owns 133,207 shares of the company's stock valued at $2,967,000 after acquiring an additional 2,194 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of NB Bancorp by 3.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 19,987 shares of the company's stock valued at $442,000 after acquiring an additional 702 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of NB Bancorp by 1,604.8% during the 3rd quarter. Sterling Capital Management LLC now owns 13,979 shares of the company's stock valued at $309,000 after acquiring an additional 13,159 shares during the last quarter. Finally, SummerHaven Investment Management LLC bought a new stake in shares of NB Bancorp during the 3rd quarter valued at about $1,089,000.

About NB Bancorp

NB Bancorp, Inc is the bank holding company for Needham Bank, a community-oriented financial institution headquartered in Needham, Massachusetts. Through Needham Bank, the company provides banking services to individuals, families, businesses, nonprofit organizations and municipalities, primarily in the Greater Boston and eastern Massachusetts markets.

Its products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, commercial real estate loans, commercial and industrial lending, construction loans and consumer credit.

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