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Pascucci Hope, a director at NB Bancorp , Inc. (NASDAQ:NBBK), recently acquired a significant amount of the company's common stock. According to a filing with the Securities and Exchange Commission, Hope purchased 40,000 shares on January 24, 2025, at a weighted average price of $18.53 per share. The total value of this transaction amounted to $741,108. The purchase comes as NBBK shares show strong momentum, with a 7.89% gain over the past week, according to InvestingPro data. This purchase increased Hope's direct ownership of NB Bancorp stock to 40,075 shares. Additionally, Hope indirectly holds 80,000 shares by way of a spouse. The director's investment in the $812 million market cap bank comes at a time when the stock trades at a P/E ratio of 62.2x, suggesting a premium valuation. InvestingPro analysis reveals 5 additional key insights about NBBK's valuation and growth prospects.
In other recent news, NB Bancorp reported a third-quarter earnings per share (EPS) of $0.21 for 2024. After excluding the effects of securities restructuring and nonrecurring items, Piper Sandler calculated a core EPS of $0.33, exceeding their estimate by $0.07. Piper Sandler, currently the only firm providing estimates for NB Bancorp, also noted a 1% core return on assets (ROA) and a 5.9% core return on tangible common equity (ROTCE) in the company's financial performance.
In addition to these financial developments, Piper Sandler adjusted its price target for NB Bancorp, raising it to $22.00 from the previous $21.00, while maintaining an Overweight rating on the bank's stock. The adjustment followed the release of the company's recent quarterly financial results.
These developments are part of the recent happenings at NB Bancorp, indicating a positive outlook from Piper Sandler on the company's financial performance. However, the firm's core EPS calculation did not remove the impact of a $2.4 million provision release related to unfunded commitments, which would have added approximately $0.05 to the core EPS.
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