OP Asset Management Ltd Takes $1.23 Million Position in NB Bancorp, Inc. $NBBK

OP Asset Management Ltd bought a new position in shares of NB Bancorp, Inc. (NASDAQ:NBBK) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 58,392 shares of the company’s stock, valued at approximately $1,230,000. OP Asset Management Ltd owned 0.13% of NB Bancorp at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Flywheel Private Wealth LLC acquired a new position in NB Bancorp in the 1st quarter valued at $316,000. Diversified Trust Co lifted its holdings in shares of NB Bancorp by 7.4% during the first quarter. Diversified Trust Co now owns 13,194 shares of the company’s stock worth $278,000 after buying an additional 910 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of NB Bancorp during the fourth quarter worth $68,000. Invesco Ltd. boosted its position in shares of NB Bancorp by 19.8% in the fourth quarter. Invesco Ltd. now owns 63,337 shares of the company’s stock valued at $1,255,000 after acquiring an additional 10,461 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of NB Bancorp in the fourth quarter valued at about $331,000.

NB Bancorp Stock Performance

NASDAQ:NBBK opened at $21.19 on Tuesday. The stock has a fifty day moving average price of $20.23 and a 200-day moving average price of $20.80. The company has a market cap of $947.40 million, a price-to-earnings ratio of 15.47 and a beta of 0.06. 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, Inc. has a fifty-two week low of $16.76 and a fifty-two week high of $22.86.

NB Bancorp (NASDAQ:NBBK) last released its earnings results on Wednesday, April 22nd. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.16). NB Bancorp had a return on equity of 8.57% and a net margin of 13.81%.The company had revenue of $69.38 million for the quarter, compared to analyst estimates of $70.83 million. As a group, equities analysts anticipate that NB Bancorp, Inc. will post 2.02 EPS for the current fiscal year.

NB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, May 6th. NB Bancorp’s dividend payout ratio is presently 20.44%.

Insider Transactions at NB Bancorp

In other news, CEO Joseph P. Campanelli purchased 3,000 shares of NB Bancorp stock in a transaction that occurred on Friday, May 15th. The shares were acquired at an average price of $19.18 per share, for a total transaction of $57,540.00. Following the transaction, the chief executive officer owned 377,790 shares of the company’s stock, valued at approximately $7,246,012.20. The trade was a 0.80% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Hope Pascucci purchased 20,000 shares of NB Bancorp stock in a transaction that occurred on Friday, April 24th. The shares were purchased at an average price of $19.46 per share, for a total transaction of $389,200.00. Following the transaction, the director directly owned 142,402 shares in the company, valued at $2,771,142.92. This represents a 16.34% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 25,500 shares of company stock worth $495,365 over the last quarter. Corporate insiders own 5.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NBBK. Piper Sandler lowered their price target on shares of NB Bancorp from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Weiss Ratings reissued a “hold (c)” rating on shares of NB Bancorp in a report on Thursday, April 2nd. Finally, Zacks Research upgraded shares of NB Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $24.00.

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.