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

NBT Bancorp Inc. (NASDAQ:NBTB) has earned an average recommendation of “Hold” from the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $52.00.

A number of research analysts have weighed in on NBTB shares. Piper Sandler raised shares of NBT Bancorp to a “neutral” rating and set a $47.00 target price on the stock in a research note on Tuesday, July 8th. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, DA Davidson raised their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st.

NBT Bancorp Stock Down 0.2%

NBTB stock opened at $40.90 on Friday. NBT Bancorp has a twelve month low of $37.31 and a twelve month high of $52.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The firm has a market cap of $1.93 billion, a PE ratio of 14.77 and a beta of 0.59. The business has a 50 day moving average of $42.00 and a 200 day moving average of $43.36.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. The company had revenue of $171.15 million for the quarter, compared to the consensus estimate of $171.04 million. On average, research analysts forecast that NBT Bancorp will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.37 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.48 annualized dividend and a yield of 3.6%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.34. NBT Bancorp’s payout ratio is currently 49.10%.

Insider Transactions at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 7,869 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the sale, the director owned 116,027 shares of the company’s stock, valued at approximately $4,875,454.54. The trade was a 6.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of NBT Bancorp by 2.7% during the first quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank’s stock valued at $10,075,000 after acquiring an additional 6,150 shares during the period. SG Americas Securities LLC acquired a new position in NBT Bancorp in the 1st quarter valued at approximately $884,000. Deutsche Bank AG increased its stake in NBT Bancorp by 53.1% in the 4th quarter. Deutsche Bank AG now owns 39,645 shares of the bank’s stock valued at $1,893,000 after buying an additional 13,742 shares during the period. GAMMA Investing LLC increased its stake in NBT Bancorp by 4,554.4% in the 1st quarter. GAMMA Investing LLC now owns 60,275 shares of the bank’s stock valued at $2,586,000 after buying an additional 58,980 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in NBT Bancorp in the 1st quarter valued at approximately $278,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.