NBT Bancorp (NASDAQ:NBTB) Given New $39.00 Price Target at Keefe, Bruyette & Woods

NBT Bancorp (NASDAQ:NBTB) had its price target reduced by Keefe, Bruyette & Woods from $41.00 to $39.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a market perform rating on the bank’s stock.

NBTB has been the subject of a number of other research reports. Stephens reissued an overweight rating and issued a $42.00 target price on shares of NBT Bancorp in a report on Tuesday. Janney Montgomery Scott upgraded NBT Bancorp from a neutral rating to a buy rating and set a $39.00 price objective for the company in a report on Thursday, March 21st. Raymond James upped their target price on shares of NBT Bancorp from $40.00 to $45.00 and gave the company an outperform rating in a research note on Friday, January 5th. Finally, Piper Sandler reduced their price target on shares of NBT Bancorp from $42.00 to $41.00 and set an overweight rating for the company in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $41.20.

NBT Bancorp Stock Performance

Shares of NASDAQ:NBTB opened at $35.90 on Wednesday. NBT Bancorp has a 12 month low of $27.52 and a 12 month high of $43.77. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 13.86 and a beta of 0.51. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $34.79 and a 200-day moving average price of $36.23.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, April 22nd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.01. NBT Bancorp had a return on equity of 10.20% and a net margin of 16.71%. The firm had revenue of $192.33 million during the quarter, compared to analyst estimates of $135.01 million. During the same quarter in the prior year, the company earned $0.88 EPS. As a group, equities analysts anticipate that NBT Bancorp will post 2.89 EPS for the current year.

Insider Activity

In other NBT Bancorp news, Director Lowell A. Seifter sold 3,230 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $36.96, for a total transaction of $119,380.80. Following the completion of the sale, the director now owns 49,132 shares of the company’s stock, valued at $1,815,918.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NBT Bancorp news, Director Lowell A. Seifter sold 4,770 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $37.50, for a total transaction of $178,875.00. Following the completion of the sale, the director now directly owns 44,362 shares of the company’s stock, valued at approximately $1,663,575. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lowell A. Seifter sold 3,230 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $36.96, for a total value of $119,380.80. Following the transaction, the director now owns 49,132 shares of the company’s stock, valued at approximately $1,815,918.72. The disclosure for this sale can be found here. Insiders sold a total of 8,641 shares of company stock valued at $319,806 in the last 90 days. Company insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

Several institutional investors have recently added to or reduced their stakes in NBTB. SG Americas Securities LLC bought a new position in shares of NBT Bancorp during the 3rd quarter valued at approximately $498,000. State of Alaska Department of Revenue grew its stake in shares of NBT Bancorp by 4.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 29,406 shares of the bank’s stock worth $931,000 after buying an additional 1,176 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of NBT Bancorp by 8.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 126,564 shares of the bank’s stock valued at $4,011,000 after buying an additional 9,901 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of NBT Bancorp by 4.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 17,396 shares of the bank’s stock valued at $551,000 after acquiring an additional 681 shares during the last quarter. Finally, Raymond James & Associates grew its position in NBT Bancorp by 9.4% in the third quarter. Raymond James & Associates now owns 72,460 shares of the bank’s stock worth $2,296,000 after acquiring an additional 6,197 shares in the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.