Short Interest in NB Bancorp, Inc. (NASDAQ:NBBK) Expands By 18.6%

Key Points

• Short interest in NB Bancorp rose 18.6% to 1,785,635 shares as of March 31, equal to about 4.2% of shares outstanding and a short-interest ratio of 7.3 days.
• CEO Joseph P. Campanelli bought 5,000 shares at ~$20.77 on March 6, increasing his stake to 47,000 shares (an 11.9% boost); company insiders now own 5.1% of the stock.
• NB Bancorp reported an EPS beat ($1.20 vs. $0.49 expected) but missed revenue estimates, trades near its 52‑week high around $22.50 with a $1.02B market cap, and carries a consensus Moderate Buy price target of $24.

NB Bancorp, Inc. (NASDAQ:NBBK - Get Free Report) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totaling 1,785,635 shares, a growth of 18.6% from the March 15th total of 1,505,269 shares. Based on an average daily volume of 244,066 shares, the short-interest ratio is currently 7.3 days. Approximately 4.2% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, CEO Joseph P. Campanelli acquired 5,000 shares of the company's stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average cost of $20.77 per share, with a total value of $103,850.00. Following the purchase, the chief executive officer directly owned 47,000 shares of the company's stock, valued at approximately $976,190. This trade represents a 11.90% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders purchased 8,500 shares of company stock valued at $174,670. Company insiders own 5.10% of the company's stock.

Institutional Trading of NB Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of NBBK. AQR Capital Management LLC purchased a new stake in NB Bancorp in the 1st quarter worth approximately $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in NB Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,127 shares of the company's stock worth $418,000 after acquiring an additional 975 shares during the period. Millennium Management LLC grew its stake in NB Bancorp by 13.1% in the 1st quarter. Millennium Management LLC now owns 253,543 shares of the company's stock worth $4,582,000 after acquiring an additional 29,373 shares during the period. Jane Street Group LLC grew its stake in NB Bancorp by 54.3% in the 1st quarter. Jane Street Group LLC now owns 54,613 shares of the company's stock worth $987,000 after acquiring an additional 19,213 shares during the period. Finally, Legal & General Group Plc grew its stake in NB Bancorp by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 62,014 shares of the company's stock worth $1,108,000 after acquiring an additional 2,237 shares during the period.

NB Bancorp Price Performance

Shares of NBBK traded up $0.25 during mid-day trading on Friday, reaching $22.50. 426,860 shares of the company's stock were exchanged, compared to its average volume of 222,627. The company has a quick ratio of 1.06, a current ratio of 1.08 and a debt-to-equity ratio of 0.23. The company has a 50-day simple moving average of $21.52 and a two-hundred day simple moving average of $20.19. NB Bancorp has a 52-week low of $15.44 and a 52-week high of $22.86. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 16.79 and a beta of 0.37.

NB Bancorp (NASDAQ:NBBK - Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.49 by $0.71. NB Bancorp had a net margin of 14.30% and a return on equity of 8.58%. The business had revenue of $63.36 million during the quarter, compared to analysts' expectations of $75.75 million. On average, sell-side analysts predict that NB Bancorp will post 1.39 EPS for the current fiscal year.

NB Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, February 5th. NB Bancorp's payout ratio is presently 20.90%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on NBBK shares. Piper Sandler reissued an "overweight" rating and set a $24.00 price objective on shares of NB Bancorp in a research note on Monday, March 16th. Weiss Ratings reissued a "hold (c)" rating on shares of NB Bancorp in a research note on Thursday, April 2nd. Finally, Zacks Research cut shares of NB Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, NB Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $24.00.

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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