NB Bancorp (NASDAQ:NBBK) Shares Gap Up on Strong Earnings

Shares of NB Bancorp, Inc. (NASDAQ:NBBK) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $21.09, but opened at $22.09. NB Bancorp shares last traded at $22.40, with a volume of 88,934 shares traded.

The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. The business had revenue of $74.70 million for the quarter, compared to analyst estimates of $72.74 million. NB Bancorp had a return on equity of 9.21% and a net margin of 14.27%.

NB Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 5th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, August 5th. NB Bancorp’s payout ratio is currently 20.44%.

Analysts Set New Price Targets

A number of research firms recently weighed in on NBBK. Zacks Research raised shares of NB Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 14th. Finally, Piper Sandler boosted their price target on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, NB Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Insider Buying and Selling at NB Bancorp

In related news, CEO Joseph P. Campanelli acquired 3,000 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were bought at an average price of $19.18 per share, for a total transaction of $57,540.00. Following the purchase, the chief executive officer directly owned 377,790 shares in the company, valued at approximately $7,246,012.20. This trade represents a 0.80% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On NB Bancorp

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in NB Bancorp by 75.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,286 shares of the company’s stock worth $25,000 after acquiring an additional 553 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of NB Bancorp in the 4th quarter valued at about $46,000. SHP Wealth Management acquired a new position in shares of NB Bancorp during the 4th quarter worth about $68,000. Larson Financial Group LLC increased its stake in shares of NB Bancorp by 577.1% during the 4th quarter. Larson Financial Group LLC now owns 3,629 shares of the company’s stock worth $72,000 after purchasing an additional 3,093 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of NB Bancorp by 64,733.3% in the 4th quarter. Allworth Financial LP now owns 5,835 shares of the company’s stock valued at $116,000 after purchasing an additional 5,826 shares during the period.

NB Bancorp Stock Performance

The company has a market capitalization of $996.59 million, a P/E ratio of 14.76 and a beta of 0.03. The stock’s fifty day moving average price is $20.52 and its 200-day moving average price is $20.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 1.07.

NB Bancorp Company Profile

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.