NBT Bancorp Inc. (NASDAQ:NBTB) Given Average Rating of “Moderate Buy” by Analysts

NBT Bancorp Inc. (NASDAQ:NBTB) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $51.50.

A number of analysts have recently commented on NBTB shares. Hovde Group dropped their target price on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a report on Monday, April 27th. DA Davidson reissued a “buy” rating and set a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Weiss Ratings raised shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Finally, Piper Sandler lifted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp 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 sale, the executive vice president owned 16,428 shares of the company’s stock, valued at approximately $765,544.80. This trade represents a 23.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heidi M. Hoeller sold 2,100 shares of the business’s 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 completion of the transaction, the director directly owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. 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

Several institutional investors and hedge funds have recently modified their holdings of NBTB. Millennium Management LLC grew its holdings in NBT Bancorp by 564.1% during the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after purchasing an additional 210,699 shares during the period. State Street Corp raised its stake in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after buying an additional 182,793 shares during the period. Nuveen LLC raised its stake in shares of NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock worth $11,879,000 after buying an additional 180,528 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of NBT Bancorp by 63.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after buying an additional 174,639 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of NBT Bancorp during the 3rd quarter valued at about $4,886,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Stock Up 3.7%

NBTB stock opened at $53.18 on Friday. NBT Bancorp has a fifty-two week low of $39.19 and a fifty-two week high of $53.33. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 15.15 and a beta of 0.48. The business’s 50 day moving average price is $47.48 and its two-hundred day moving average price is $45.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Thursday, April 23rd. The bank reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. The firm had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $185.35 million. As a group, analysts forecast that NBT Bancorp will post 4.14 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

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

About NBT Bancorp

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.