NBT Bancorp (NASDAQ:NBTB) Announces Earnings Results, Misses Expectations By $0.01 EPS

NBT Bancorp (NASDAQ:NBTB) posted its earnings results on Monday. The bank reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01), FiscalAI reports. The company had revenue of $186.69 million during the quarter, compared to analysts’ expectations of $188.81 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%.

NBT Bancorp Trading Up 0.3%

NBTB traded up $0.14 during trading on Monday, hitting $52.52. The company’s stock had a trading volume of 471,733 shares, compared to its average volume of 287,336. The firm’s 50 day moving average price is $48.36 and its 200-day moving average price is $45.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $2.73 billion, a PE ratio of 14.96 and a beta of 0.48. NBT Bancorp has a twelve month low of $39.19 and a twelve month high of $53.33.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp’s payout ratio is presently 42.17%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NBTB shares. Piper Sandler raised their price target on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. DA Davidson reaffirmed a “buy” rating and set a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Finally, Hovde Group dropped their price objective on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, NBT Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Insider Buying and Selling at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 5,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the completion of the transaction, the executive vice president directly owned 16,428 shares in the company, valued at approximately $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director owned 11,560 shares in the company, valued at $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after acquiring an additional 609 shares during the period. Larson Financial Group LLC raised its stake in NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after purchasing an additional 799 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of NBT Bancorp by 62.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock valued at $43,000 after purchasing an additional 399 shares during the last quarter. Quadrant Capital Group LLC purchased a new stake in shares of NBT Bancorp during the 4th quarter valued at $64,000. Finally, Resources Management Corp CT ADV increased its holdings in shares of NBT Bancorp by 165.8% during the 3rd quarter. Resources Management Corp CT ADV now owns 2,724 shares of the bank’s stock worth $114,000 after buying an additional 1,699 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Company Profile

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.