NB Bancorp (NASDAQ:NBBK) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of NB Bancorp (NASDAQ:NBBK) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks reports.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods upped their price objective on shares of NB Bancorp from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of NB Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Finally, Piper Sandler increased their price target on shares of NB Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

NB Bancorp Stock Performance

Shares of NASDAQ NBBK opened at $22.78 on Monday. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.22. NB Bancorp has a 12 month low of $16.83 and a 12 month high of $23.47. The stock has a 50 day moving average of $22.51 and a 200-day moving average of $21.33. The company has a market capitalization of $998.22 million, a P/E ratio of 15.09 and a beta of -0.01.

NB Bancorp (NASDAQ:NBBK) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. NB Bancorp had a return on equity of 9.13% and a net margin of 14.27%. As a group, equities research analysts predict that NB Bancorp will post 2.13 EPS for the current year.

NB Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 5th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 5th. NB Bancorp’s dividend payout ratio is currently 18.54%.

Insiders Place Their Bets

In other news, CEO Joseph Campanelli acquired 2,000 shares of the stock in a transaction on Thursday, August 20th. The shares were purchased at an average price of $21.75 per share, for a total transaction of $43,500.00. Following the transaction, the chief executive officer directly owned 379,790 shares of the company’s stock, valued at approximately $8,260,432.50. This represents a 0.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.10% of the stock is owned by insiders.

Hedge Funds Weigh In On NB Bancorp

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in NB Bancorp in the 2nd quarter valued at $70,396,000. AltraVue Capital LLC acquired a new stake in shares of NB Bancorp during the 4th quarter worth $13,735,000. Tieton Capital Management LLC acquired a new stake in shares of NB Bancorp during the 2nd quarter worth $11,550,000. Dimensional Fund Advisors LP increased its position in shares of NB Bancorp by 81.4% in the first quarter. Dimensional Fund Advisors LP now owns 522,384 shares of the company’s stock worth $11,006,000 after purchasing an additional 234,356 shares during the period. Finally, State Street Corp increased its position in shares of NB Bancorp by 13.8% in the second quarter. State Street Corp now owns 1,471,766 shares of the company’s stock worth $31,098,000 after purchasing an additional 178,228 shares during the period.

About NB Bancorp

NB Bancorp, Inc is the bank holding company for Needham Bank, a community bank headquartered in Needham, Massachusetts. Through its banking subsidiary, the company provides financial services to individuals, families, businesses, nonprofit organizations and municipalities.

Needham Bank offers deposit products, residential and commercial real estate lending, commercial and industrial loans, construction financing, consumer loans and other traditional banking services. The bank also provides cash management, online and mobile banking, treasury services and wealth management solutions designed to support personal and business financial needs.

Founded in 1892, Needham Bank primarily serves communities in eastern Massachusetts and southern New Hampshire through its branch network and digital banking channels.