NB Bancorp (NASDAQ:NBBK) Upgraded to Strong-Buy at Zacks Research

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

A number of other equities research analysts also recently commented on the company. Piper Sandler lifted their price objective on NB Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday. Weiss Ratings upgraded NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, NB Bancorp presently has an average rating of “Buy” and a consensus target price of $26.00.

NB Bancorp Stock Up 0.6%

Shares of NASDAQ NBBK opened at $22.43 on Thursday. The firm has a market cap of $1.00 billion, a P/E ratio of 14.85 and a beta of 0.03. 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 has a 1 year low of $16.76 and a 1 year high of $22.86. The firm’s 50 day moving average price is $20.58 and its 200 day moving average price is $20.87.

NB Bancorp (NASDAQ:NBBK) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. NB Bancorp had a return on equity of 9.21% and a net margin of 14.27%.The company had revenue of $74.70 million during the quarter, compared to the consensus estimate of $72.74 million. As a group, sell-side analysts anticipate that NB Bancorp will post 2.13 earnings per share for the current year.

NB Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 5th. NB Bancorp’s dividend payout ratio (DPR) is 18.54%.

Insider Transactions at NB Bancorp

In other news, CEO Joseph P. Campanelli purchased 3,000 shares of the stock in a transaction on Friday, May 15th. The stock was purchased at an average price of $19.18 per share, with a total value of $57,540.00. Following the completion of the transaction, the chief executive officer owned 377,790 shares in the company, valued at approximately $7,246,012.20. The trade was a 0.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.10% of the company’s stock.

Hedge Funds Weigh In On NB Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of NBBK. AQR Capital Management LLC acquired a new stake in NB Bancorp during the 1st quarter worth approximately $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in NB Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,127 shares of the company’s stock valued at $418,000 after buying an additional 975 shares in the last quarter. Millennium Management LLC lifted its position in NB Bancorp by 13.1% during the first quarter. Millennium Management LLC now owns 253,543 shares of the company’s stock valued at $4,582,000 after buying an additional 29,373 shares in the last quarter. Jane Street Group LLC grew its stake in NB Bancorp by 54.3% during the first quarter. Jane Street Group LLC now owns 54,613 shares of the company’s stock worth $987,000 after buying an additional 19,213 shares during the period. Finally, Legal & General Group Plc grew its stake in NB Bancorp by 3.7% during the second quarter. Legal & General Group Plc now owns 62,014 shares of the company’s stock worth $1,108,000 after buying an additional 2,237 shares during the period.

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.