NBT Bancorp (NASDAQ:NBTB) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research note published on Saturday.

A number of other equities research analysts have also issued reports on NBTB. DA Davidson upped their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Piper Sandler lifted their price target on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Hovde Group lowered their price objective on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, NBT Bancorp has a consensus rating of “Hold” and an average price target of $54.10.

NBT Bancorp Stock Performance

NBT Bancorp stock opened at $53.29 on Friday. The stock has a market cap of $2.77 billion, a P/E ratio of 13.03 and a beta of 0.48. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $50.69 and a 200-day moving average of $46.53. NBT Bancorp has a 52 week low of $39.19 and a 52 week high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The company had revenue of $186.69 million during the quarter, compared to the consensus estimate of $188.81 million. On average, analysts expect that NBT Bancorp will post 4.15 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 1st. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s payout ratio is 36.19%.

Insider Transactions at NBT Bancorp

In other news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ruth H. Mahoney sold 5,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $46.60, for a total transaction of $233,000.00. Following the sale, 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 position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 20,600 shares of company stock worth $1,064,573. 2.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in shares of NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after purchasing an additional 609 shares during the period. Public Employees Retirement System of Ohio acquired a new position in NBT Bancorp during the 2nd quarter valued at approximately $32,000. Larson Financial Group LLC boosted its position in NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. grew its stake in NBT Bancorp by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after buying an additional 324 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in NBT Bancorp during the 1st quarter worth $37,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

About NBT Bancorp

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.