NB Bancorp (NASDAQ:NBBK) Shares Gap Up After Better-Than-Expected Earnings

NB Bancorp, Inc. (NASDAQ:NBBK) shares 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.

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

NB Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a 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%.

Analyst Upgrades and Downgrades

NBBK has been the topic of a number of recent research reports. Piper Sandler upped their price objective on shares of NB Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday. Zacks Research upgraded shares of NB Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings raised NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.00.

Insider Transactions at NB Bancorp

In other news, CEO Joseph P. Campanelli purchased 3,000 shares of the company’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 5.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in shares of NB Bancorp in the first quarter worth approximately $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 acquiring an additional 975 shares in the last quarter. Millennium Management LLC raised its holdings in NB Bancorp by 13.1% in the 1st quarter. Millennium Management LLC now owns 253,543 shares of the company’s stock worth $4,582,000 after acquiring an additional 29,373 shares during the last quarter. Jane Street Group LLC raised its holdings in NB Bancorp by 54.3% in the 1st quarter. Jane Street Group LLC now owns 54,613 shares of the company’s stock worth $987,000 after acquiring an additional 19,213 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in NB Bancorp by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 62,014 shares of the company’s stock valued at $1,108,000 after acquiring an additional 2,237 shares in the last quarter.

NB Bancorp Price Performance

The firm has a 50-day moving average of $20.58 and a 200-day moving average of $20.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 1.07. The firm has a market capitalization of $1.00 billion, a P/E ratio of 14.85 and a beta of 0.03.

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.