NBT Bancorp (NASDAQ:NBTB) Given Overweight Rating at Stephens

Stephens reaffirmed their overweight rating on shares of NBT Bancorp (NASDAQ:NBTB) in a research note issued to investors on Tuesday, Benzinga reports. Stephens currently has a $42.00 target price on the bank’s stock.

A number of other brokerages have also commented on NBTB. Janney Montgomery Scott raised NBT Bancorp from a neutral rating to a buy rating and set a $39.00 price target for the company in a research note on Thursday, March 21st. Piper Sandler dropped their price target on NBT Bancorp from $42.00 to $41.00 and set an overweight rating for the company in a research note on Thursday, January 25th. Raymond James increased their price target on NBT Bancorp from $40.00 to $45.00 and gave the company an outperform rating in a research note on Friday, January 5th. Finally, Keefe, Bruyette & Woods dropped their price target on NBT Bancorp from $45.00 to $41.00 and set a market perform rating for the company in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $41.20.

NBT Bancorp Stock Performance

NASDAQ:NBTB opened at $35.97 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 12-month low of $27.52 and a 12-month high of $43.77. The stock has a 50-day moving average price of $34.81 and a 200 day moving average price of $36.25. The stock has a market capitalization of $1.70 billion, a P/E ratio of 13.89 and a beta of 0.51.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Tuesday, April 23rd. 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 analysts’ expectations of $135.01 million. During the same quarter last year, the business posted $0.88 earnings per share. Equities research analysts forecast that NBT Bancorp will post 2.85 EPS for the current fiscal year.

Insider Transactions at NBT Bancorp

In other news, Director Lowell A. Seifter sold 4,770 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $37.50, for a total value of $178,875.00. Following the sale, the director now directly owns 44,362 shares in the company, valued at $1,663,575. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in NBT Bancorp during the 3rd quarter worth $498,000. State of Alaska Department of Revenue increased its holdings in NBT Bancorp by 4.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 29,406 shares of the bank’s stock worth $931,000 after purchasing an additional 1,176 shares during the period. Commonwealth Equity Services LLC increased its holdings in NBT Bancorp by 8.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 126,564 shares of the bank’s stock worth $4,011,000 after purchasing an additional 9,901 shares during the period. Maryland State Retirement & Pension System increased its holdings in NBT Bancorp by 4.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 17,396 shares of the bank’s stock worth $551,000 after purchasing an additional 681 shares during the period. Finally, Raymond James & Associates increased its holdings in NBT Bancorp by 9.4% during the 3rd quarter. Raymond James & Associates now owns 72,460 shares of the bank’s stock worth $2,296,000 after purchasing an additional 6,197 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

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.