NBT Bancorp Inc. (NASDAQ:NBTB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have been given an average rating of “Moderate Buy” by the six research firms that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $51.50.

Several research analysts have issued reports on NBTB shares. Piper Sandler increased their price target on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Weiss Ratings upgraded NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Hovde Group cut their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a report on Monday, April 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a report on Monday, April 27th.

NBT Bancorp Price Performance

Shares of NASDAQ:NBTB opened at $49.59 on Monday. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 14.13 and a beta of 0.49. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The business’s 50-day moving average is $45.91 and its 200-day moving average is $44.33. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $49.98.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). The firm had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. Equities research analysts predict that NBT Bancorp will post 4.14 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.37 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.48 annualized dividend and a yield of 3.0%. NBT Bancorp’s dividend payout ratio is presently 42.17%.

Insider Activity at NBT Bancorp

In other news, EVP Ruth H. Mahoney sold 5,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the completion of the sale, the executive vice president directly owned 16,428 shares of the company’s stock, valued at $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the sale, the director directly owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.99% of the stock is currently owned by corporate insiders.

Institutional Trading of NBT Bancorp

Several institutional investors and hedge funds have recently modified their holdings of NBTB. Millennium Management LLC raised its stake in shares of NBT Bancorp by 564.1% in the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock worth $10,359,000 after purchasing an additional 210,699 shares during the last quarter. State Street Corp raised its stake in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after purchasing an additional 182,793 shares during the last quarter. Nuveen LLC raised its stake in shares of NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock worth $11,879,000 after purchasing an additional 180,528 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of NBT Bancorp by 63.2% in the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after purchasing an additional 174,639 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of NBT Bancorp in the third quarter worth approximately $4,886,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Company Profile

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.