NBT Bancorp (NASDAQ:NBTB) Issues Quarterly Earnings Results

NBT Bancorp (NASDAQ:NBTB) announced its quarterly earnings data on Monday. The bank reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01), FiscalAI reports. The company had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.

NBT Bancorp Stock Performance

Shares of NASDAQ:NBTB traded up $0.14 during trading on Monday, reaching $52.52. 471,733 shares of the company’s stock traded hands, compared to its average volume of 287,336. The stock has a market capitalization of $2.73 billion, a P/E ratio of 14.96 and a beta of 0.48. NBT Bancorp has a 12 month low of $39.19 and a 12 month high of $53.33. The company has a 50 day moving average of $48.36 and a 200-day moving average of $45.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp’s dividend payout ratio is currently 42.17%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Piper Sandler increased their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Hovde Group cut their price objective on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Finally, DA Davidson reiterated a “buy” rating and issued a $52.00 target price on shares of NBT Bancorp in a research report on Monday, April 27th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, NBT Bancorp presently has an average rating of “Moderate Buy” and an average price target of $51.50.

Insider Transactions at NBT Bancorp

In other news, EVP Ruth H. Mahoney sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the transaction, the executive vice president directly owned 16,428 shares of the company’s stock, valued at approximately $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the director owned 11,560 shares in the company, valued at $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its position in NBT Bancorp by 564.1% in the 3rd quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after purchasing an additional 210,699 shares during the last quarter. State Street Corp grew its position in NBT Bancorp by 7.8% in the 2nd 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 increased 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 valued at $11,879,000 after purchasing an additional 180,528 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after buying an additional 174,639 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of NBT Bancorp during the second quarter worth approximately $3,611,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

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.