NB Bancorp (NASDAQ:NBBK) Cut to Hold at Zacks Research

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

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods upgraded NB Bancorp to a “hold” rating in a research note on Sunday, November 2nd. Piper Sandler reiterated an “overweight” rating and issued a $23.00 price target (up previously from $22.00) on shares of NB Bancorp in a research note on Thursday, November 20th. Finally, Weiss Ratings upgraded NB Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, NB Bancorp has an average rating of “Hold” and a consensus target price of $23.00.

NB Bancorp Stock Up 4.4%

Shares of NASDAQ:NBBK opened at $20.47 on Monday. The company has a market capitalization of $815.32 million, a price-to-earnings ratio of 13.21 and a beta of 0.32. The company has a 50 day moving average of $20.07 and a two-hundred day moving average of $18.84. NB Bancorp has a 52-week low of $15.09 and a 52-week high of $21.58. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.06.

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

Insider Transactions at NB Bancorp

In other NB Bancorp news, Director Hope Pascucci acquired 4,688 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was purchased at an average price of $18.07 per share, with a total value of $84,712.16. Following the completion of the acquisition, the director directly owned 120,000 shares in the company, valued at $2,168,400. This trade represents a 4.07% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Pertento Partners LLP grew its holdings in NB Bancorp by 6.8% during the second quarter. Pertento Partners LLP now owns 2,114,336 shares of the company’s stock worth $37,762,000 after acquiring an additional 135,433 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of NB Bancorp in the 2nd quarter worth approximately $514,000. EJF Capital LLC lifted its stake in NB Bancorp by 139.9% during the second quarter. EJF Capital LLC now owns 167,830 shares of the company’s stock valued at $2,997,000 after purchasing an additional 97,867 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in NB Bancorp during the second quarter worth approximately $193,000. Finally, XTX Topco Ltd bought a new stake in NB Bancorp during the second quarter worth approximately $940,000.

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.