NBT Bancorp Inc. (NASDAQ:NBTB) Receives Consensus Recommendation of “Hold” from Analysts

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have earned an average recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat reports. Five 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 brokers that have covered the stock in the last year is $54.10.

Several research analysts recently weighed in on NBTB shares. Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Wall Street Zen lowered NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Stephens cut NBT Bancorp from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $52.00 to $55.00 in a report on Thursday, July 30th. DA Davidson raised their price objective on NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Piper Sandler boosted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th.

NBT Bancorp Trading Up 1.2%

Shares of NBTB opened at $52.27 on Friday. NBT Bancorp has a 12-month low of $39.19 and a 12-month high of $54.50. The firm has a market capitalization of $2.72 billion, a P/E ratio of 12.78 and a beta of 0.47. The firm has a 50-day moving average price of $51.80 and a 200 day moving average price of $47.14. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). The firm had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. Sell-side analysts forecast that NBT Bancorp will post 4.15 EPS for the current year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.40 dividend. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. NBT Bancorp’s payout ratio is presently 39.12%.

Insider Transactions at NBT Bancorp

In other news, Director Heidi Hoeller sold 2,100 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This represents a 15.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ruth Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total transaction of $244,350.00. Following the completion of the sale, the executive vice president owned 11,928 shares of the company’s stock, valued at $647,690.40. This trade represents a 27.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 15,600 shares of company stock worth $831,573. 2.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

Several institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock valued at $1,729,000 after purchasing an additional 7,349 shares during the period. AQR Capital Management LLC lifted its holdings in NBT Bancorp by 45.0% during the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock worth $585,000 after buying an additional 4,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after buying an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NBT Bancorp by 15.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock valued at $7,102,000 after buying an additional 22,655 shares during the period. Finally, Jane Street Group LLC boosted its position in NBT Bancorp by 1,188.4% in the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after buying an additional 81,432 shares during the period. 58.46% of the stock is 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.