NBT Bancorp Inc. (NASDAQ:NBTB) Stock Rated “Hold” by Sell-Side Brokerages

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have received an average recommendation of “Hold” from the eight research firms that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $54.10.

NBTB has been the topic of several recent research reports. Piper Sandler upped their price objective on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Stephens cut shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. DA Davidson increased their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th.

Insider Activity at NBT Bancorp

In related news, EVP Ruth Mahoney sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the sale, the executive vice president owned 11,928 shares in the company, valued at approximately $647,690.40. The trade was a 27.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sarah Halliday sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the sale, the executive vice president directly owned 22,054 shares of the company’s stock, valued at $1,191,798.16. The trade was a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several institutional investors have recently bought and sold shares of NBTB. BlackRock Inc. acquired a new position in shares of NBT Bancorp during the second quarter worth $369,183,000. Dimensional Fund Advisors LP increased its position in NBT Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock valued at $99,252,000 after buying an additional 30,141 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in NBT Bancorp by 29.7% in the first quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock valued at $23,856,000 after buying an additional 128,316 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in NBT Bancorp in the second quarter valued at about $22,685,000. Finally, Ceredex Value Advisors LLC acquired a new stake in NBT Bancorp in the second quarter worth about $13,673,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

NBT Bancorp Stock Performance

NBTB opened at $50.67 on Wednesday. The company’s 50 day moving average is $51.90 and its 200 day moving average is $48.44. 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 company has a market cap of $2.63 billion, a price-to-earnings ratio of 12.39 and a beta of 0.49. NBT Bancorp has a 12-month low of $39.19 and a 12-month 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 for the quarter, missing the consensus estimate of $1.02 by ($0.01). The business 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%. On average, equities research analysts predict that NBT Bancorp will post 4.17 EPS for the current year.

NBT Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, September 1st. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio (DPR) is 39.12%.

About NBT Bancorp

NBT Bancorp Inc is a financial holding company headquartered in Norwich, New York. Its principal subsidiary, NBT Bank, is a community bank that provides banking and financial services to individuals, families, businesses, and municipalities.

NBT Bank offers deposit accounts, residential and consumer lending, commercial loans, mortgage services, cash-management solutions, and online and mobile banking. Through its related businesses, the company also provides wealth management, investment services, retirement planning, and insurance products.

Founded in 1856, NBT Bancorp serves communities across the Northeastern United States, including markets in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut.