NB Bancorp, Inc. (NASDAQ:NBBK) Sees Large Decline in Short Interest

NB Bancorp, Inc. (NASDAQ:NBBK) was the recipient of a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 1,396,148 shares, a decline of 18.9% from the December 15th total of 1,721,516 shares. Based on an average daily trading volume, of 206,468 shares, the short-interest ratio is presently 6.8 days. Approximately 3.6% of the company’s stock are short sold. Approximately 3.6% of the company’s stock are short sold. Based on an average daily trading volume, of 206,468 shares, the short-interest ratio is presently 6.8 days.

Analysts Set New Price Targets

NBBK has been the topic of a number of recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $23.00 price target (up from $22.00) on shares of NB Bancorp in a research report on Thursday, November 20th. Zacks Research upgraded NB Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. Keefe, Bruyette & Woods raised NB Bancorp to a “hold” rating in a research report on Sunday, November 2nd. Finally, Weiss Ratings raised NB Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Activity

In other news, Director Hope Pascucci acquired 4,688 shares of NB Bancorp stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average price of $18.07 per share, for a total transaction of $84,712.16. Following the purchase, the director directly owned 120,000 shares in the company, valued at $2,168,400. The trade was a 4.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NB Bancorp

A number of hedge funds have recently bought and sold shares of NBBK. State of Alaska Department of Revenue purchased a new stake in shares of NB Bancorp in the third quarter valued at approximately $28,000. CWM LLC grew its stake in NB Bancorp by 169.7% in the 3rd quarter. CWM LLC now owns 3,457 shares of the company’s stock valued at $61,000 after acquiring an additional 2,175 shares during the period. Russell Investments Group Ltd. increased its holdings in NB Bancorp by 1,640.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,945 shares of the company’s stock worth $123,000 after acquiring an additional 6,546 shares in the last quarter. Tower Research Capital LLC TRC raised its position in NB Bancorp by 464.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,022 shares of the company’s stock worth $143,000 after acquiring an additional 6,602 shares during the period. Finally, Quantbot Technologies LP purchased a new position in NB Bancorp during the third quarter valued at $156,000.

NB Bancorp Stock Performance

NBBK stock traded down $0.47 during trading on Monday, hitting $19.74. 577,575 shares of the company traded hands, compared to its average volume of 177,331. NB Bancorp has a 1 year low of $15.09 and a 1 year high of $21.58. The company has a market cap of $786.24 million, a PE ratio of 12.74 and a beta of 0.32. The stock’s 50-day simple moving average is $19.98 and its 200 day simple moving average is $18.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.07 and a quick ratio of 1.07.

NB Bancorp (NASDAQ:NBBK) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. NB Bancorp had a net margin of 17.59% and a return on equity of 7.79%. The business had revenue of $51.73 million for the quarter, compared to analysts’ expectations of $52.40 million. On average, equities analysts expect that NB Bancorp will post 1.39 earnings per share for the current fiscal year.

NB Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Stockholders of record on Wednesday, November 5th were given a dividend of $0.07 per share. The ex-dividend date was Wednesday, November 5th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.4%. NB Bancorp’s dividend payout ratio (DPR) is 18.06%.

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.