BidaskClub Downgrades NBT Bancorp Inc. (NBTB) to Strong Sell
BidaskClub downgraded shares of NBT Bancorp Inc. (NASDAQ:NBTB) from a sell rating to a strong sell rating in a report published on Monday.
A number of other brokerages have also recently issued reports on NBTB. Zacks Investment Research raised NBT Bancorp from a hold rating to a buy rating and set a $44.00 price objective on the stock in a report on Thursday, April 27th. Piper Jaffray Companies reissued a hold rating and set a $35.00 price objective on shares of NBT Bancorp in a report on Wednesday, July 26th. ValuEngine raised NBT Bancorp from a hold rating to a buy rating in a report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $38.50 price objective on shares of NBT Bancorp in a report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $36.75.
Shares of NBT Bancorp (NASDAQ NBTB) traded up 1.05% on Monday, hitting $35.70. The company had a trading volume of 56,462 shares. NBT Bancorp has a 1-year low of $29.59 and a 1-year high of $42.56. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 19.19 and a beta of 0.88. The company has a 50 day moving average price of $36.80 and a 200 day moving average price of $38.20.
NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Monday, July 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. The business had revenue of $99.93 million for the quarter, compared to analysts’ expectations of $100.91 million. NBT Bancorp had a return on equity of 8.81% and a net margin of 19.68%. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities analysts forecast that NBT Bancorp will post $1.95 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.58%. NBT Bancorp’s dividend payout ratio is currently 49.46%.
In other NBT Bancorp news, Director John C. Mitchell sold 1,570 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total value of $56,943.90. Following the transaction, the director now directly owns 34,219 shares in the company, valued at approximately $1,241,123.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John C. Mitchell sold 1,438 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $35.48, for a total value of $51,020.24. Following the completion of the transaction, the director now owns 32,781 shares in the company, valued at $1,163,069.88. The disclosure for this sale can be found here. 2.83% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position in shares of NBT Bancorp by 56.6% in the second quarter. BNP Paribas Arbitrage SA now owns 14,657 shares of the bank’s stock worth $542,000 after buying an additional 5,297 shares in the last quarter. Legal & General Group Plc raised its position in shares of NBT Bancorp by 13.0% in the second quarter. Legal & General Group Plc now owns 86,644 shares of the bank’s stock worth $3,202,000 after buying an additional 9,950 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NBT Bancorp by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock worth $30,121,000 after buying an additional 18,462 shares in the last quarter. National Planning Corp acquired a new position in shares of NBT Bancorp during the second quarter worth $219,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of NBT Bancorp by 0.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 218,312 shares of the bank’s stock worth $8,067,000 after buying an additional 1,798 shares in the last quarter. Institutional investors and hedge funds own 49.90% of the company’s stock.
NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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