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

NB Bancorp, Inc. (NASDAQ:NBBK)’s share price gapped up before the market opened 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 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. NB Bancorp had a net margin of 13.81% and a return on equity of 8.57%. The business had revenue of $74.70 million during the quarter, compared to analyst estimates of $72.74 million.

NB Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 5th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, August 5th. NB Bancorp’s payout ratio is 20.44%.

Analyst Ratings Changes

A number of research firms have commented on NBBK. Weiss Ratings upgraded NB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price objective (up from $24.00) on shares of NB Bancorp in a research report on Thursday. Finally, Zacks Research upgraded shares of NB Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Insider Buying and Selling at NB Bancorp

In related news, Director Hope Pascucci purchased 20,000 shares of the business’s stock in a transaction on Friday, April 24th. The shares were bought at an average cost of $19.46 per share, with a total value of $389,200.00. Following the transaction, the director owned 142,402 shares of the company’s stock, valued at approximately $2,771,142.92. This trade represents a 16.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph P. Campanelli acquired 3,000 shares of NB Bancorp stock in a transaction on Friday, May 15th. The shares were bought at an average price of $19.18 per share, with a total value 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. The trade was a 0.80% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 25,500 shares of company stock valued at $495,365. 5.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new position in shares of NB Bancorp during the 1st quarter valued at approximately $253,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 worth $418,000 after buying an additional 975 shares in the last quarter. Millennium Management LLC grew 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 during the period. Jane Street Group LLC grew its position in NB Bancorp by 54.3% during the first quarter. Jane Street Group LLC now owns 54,613 shares of the company’s stock valued at $987,000 after buying an additional 19,213 shares during the period. Finally, Legal & General Group Plc increased its holdings in NB Bancorp by 3.7% in the second quarter. Legal & General Group Plc now owns 62,014 shares of the company’s stock valued at $1,108,000 after buying an additional 2,237 shares in the last quarter.

NB Bancorp Stock Up 6.2%

The business’s fifty day simple moving average is $20.47 and its two-hundred day simple moving average is $20.84. The company has a market cap of $1.00 billion, a PE ratio of 16.28 and a beta of 0.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.07 and a quick ratio of 1.06.

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.