NB Bancorp (NASDAQ:NBBK) Rating Lowered to “Strong Sell” at Zacks Research

NB Bancorp (NASDAQ:NBBK) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler dropped their price target on shares of NB Bancorp from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of NB Bancorp in a report on Thursday, April 2nd. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.00.

NB Bancorp Stock Up 0.6%

NBBK stock opened at $19.98 on Monday. The firm has a market cap of $902.40 million, a PE ratio of 14.58 and a beta of 0.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 1.08. The firm’s 50 day moving average price is $21.32 and its 200-day moving average price is $20.38. NB Bancorp has a one year low of $15.44 and a one year high of $22.86.

NB Bancorp (NASDAQ:NBBK) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.16). NB Bancorp had a net margin of 13.81% and a return on equity of 8.75%. The company had revenue of $69.38 million for the quarter, compared to analyst estimates of $70.83 million. On average, equities research analysts anticipate that NB Bancorp will post 2.02 EPS for the current year.

Insider Buying and Selling

In other news, Director Hope Pascucci purchased 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The stock was bought at an average price of $19.46 per share, for a total transaction of $389,200.00. Following the completion of the purchase, the director directly owned 142,402 shares of the company’s stock, valued at $2,771,142.92. The trade was a 16.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph P. Campanelli purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average price 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 $976,190. The trade was a 11.90% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 31,000 shares of company stock valued at $612,495 in the last quarter. 5.10% of the stock is owned by insiders.

Institutional Trading of NB Bancorp

Several institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in shares of NB Bancorp by 479.7% during the 1st quarter. Sterling Capital Management LLC now owns 13,332 shares of the company’s stock worth $281,000 after buying an additional 11,032 shares during the last quarter. Northeast Investment Management raised its position in NB Bancorp by 8.7% in the 1st quarter. Northeast Investment Management now owns 25,000 shares of the company’s stock valued at $527,000 after purchasing an additional 2,000 shares during the last quarter. OP Asset Management Ltd purchased a new stake in NB Bancorp in the 1st quarter valued at $1,230,000. Flywheel Private Wealth LLC purchased a new stake in NB Bancorp in the 1st quarter valued at $316,000. Finally, Diversified Trust Co raised its position in NB Bancorp by 7.4% in the 1st quarter. Diversified Trust Co now owns 13,194 shares of the company’s stock valued at $278,000 after purchasing an additional 910 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.