NBT Bancorp Inc. (NASDAQ:NBTB) Stock Has Average Target Price of $54.10

NBT Bancorp Inc. (NASDAQ:NBTB) has received an average rating of “Hold” from the eight ratings firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $54.10.

A number of brokerages have issued reports on NBTB. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Piper Sandler raised their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, Stephens cut shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th.

NBT Bancorp Trading Up 1.6%

Shares of NBT Bancorp stock opened at $51.53 on Wednesday. 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 stock’s 50 day simple moving average is $52.00 and its 200-day simple moving average is $48.25. The stock has a market cap of $2.68 billion, a P/E ratio of 12.60 and a beta of 0.49. NBT Bancorp has a 1-year low of $39.19 and a 1-year high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. Analysts predict that NBT Bancorp will post 4.16 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 1st. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio is presently 39.12%.

Insider Activity at NBT Bancorp

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in NBT Bancorp in the second quarter valued at approximately $369,183,000. The Manufacturers Life Insurance Company acquired a new position in NBT Bancorp during the second quarter worth $27,632,000. Bank of New York Mellon Corp purchased a new position in shares of NBT Bancorp during the second quarter worth $22,685,000. Ceredex Value Advisors LLC purchased a new position in shares of NBT Bancorp during the second quarter worth $13,673,000. Finally, Bank of America Corp DE acquired a new stake in shares of NBT Bancorp in the second quarter valued at $6,170,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Company Profile

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.