NBT Bancorp (NASDAQ:NBTB) Announces Quarterly Earnings Results

NBT Bancorp (NASDAQ:NBTB) announced its quarterly earnings results on Monday. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.06, FiscalAI reports. NBT Bancorp had a return on equity of 10.35% and a net margin of 17.24%.The business had revenue of $185.14 million for the quarter, compared to analyst estimates of $183.63 million.

NBT Bancorp Price Performance

Shares of NASDAQ NBTB traded up $0.26 during trading hours on Monday, reaching $43.91. 172,967 shares of the stock traded hands, compared to its average volume of 182,877. NBT Bancorp has a 52-week low of $37.31 and a 52-week high of $49.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. The company’s 50-day simple moving average is $42.56 and its two-hundred day simple moving average is $42.30. The company has a market capitalization of $2.30 billion, a P/E ratio of 14.64 and a beta of 0.50.

Insider Transactions at NBT Bancorp

In related news, Director Timothy E. Delaney acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were purchased at an average price of $40.98 per share, for a total transaction of $409,800.00. Following the completion of the acquisition, the director owned 51,885 shares in the company, valued at approximately $2,126,247.30. This represents a 23.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 3.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its stake in 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 acquiring an additional 210,699 shares during the period. State Street Corp raised its position in shares of 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 acquiring an additional 182,793 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in 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 period. Arrowstreet Capital Limited Partnership bought a new position in NBT Bancorp in the second quarter worth $3,611,000. Finally, Jane Street Group LLC lifted its position in NBT Bancorp by 1,188.4% during the first 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. DA Davidson lowered NBT Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Janney Montgomery Scott raised NBT Bancorp to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NBT Bancorp in a report on Monday, December 29th. Finally, Piper Sandler set a $47.00 price target on NBT Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.25.

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.