NBT Bancorp Inc. (NASDAQ:NBTB) Given Average Recommendation of “Hold” by Analysts

NBT Bancorp Inc. (NASDAQ:NBTB) has earned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $54.10.

A number of research firms have commented on NBTB. Keefe, Bruyette & Woods reissued a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Stephens lowered NBT Bancorp from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. DA Davidson increased their target price 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 lifted their target price on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th.

NBT Bancorp Stock Performance

NBTB opened at $51.73 on Friday. The company has a 50 day simple moving average of $51.99 and a two-hundred day simple moving average of $47.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $2.69 billion, a P/E ratio of 12.65 and a beta of 0.47. NBT Bancorp has a 1-year low of $39.19 and a 1-year high of $54.50.

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

NBT Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. This is an increase 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 yield of 3.1%. NBT Bancorp’s payout ratio is 39.12%.

Insider Activity at NBT Bancorp

In related news, EVP Sarah A. Halliday sold 9,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ruth H. Mahoney sold 4,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president directly owned 11,928 shares of the company’s stock, valued at $647,690.40. The trade was a 27.39% 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 Trading of NBT Bancorp

Several hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in shares of NBT Bancorp by 1,645.9% during the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after purchasing an additional 609 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of NBT Bancorp in the second quarter worth about $32,000. Larson Financial Group LLC lifted its position in shares of NBT Bancorp by 13,316.7% in the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after buying an additional 799 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after buying an additional 324 shares in the last quarter. Finally, Western Wealth Management LLC bought a new position in NBT Bancorp during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc is a bank holding company headquartered in Norwich, New York. Through its principal subsidiary, NBT Bank, the company provides a range of financial services to individuals, families, businesses and municipal entities.

NBT Bank’s offerings include checking and savings accounts, consumer and residential lending, commercial loans, mortgages, credit cards and digital banking services. Through affiliated businesses, NBT Bancorp also provides wealth management, investment services and insurance products.

Founded in 1856 as the Bank of Norwich, NBT Bank has expanded from its original New York market to serve communities across the Northeast.