Keefe, Bruyette & Woods Issues Positive Forecast for NBT Bancorp (NASDAQ:NBTB) Stock Price

NBT Bancorp (NASDAQ:NBTB) had its target price boosted by stock analysts at Keefe, Bruyette & Woods from $50.00 to $55.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 12.41% from the stock’s current price.

A number of other analysts have also recently commented on the company. StockNews.com cut NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th. Stephens reissued an “equal weight” rating and issued a $49.00 price target on shares of NBT Bancorp in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.80.

NBT Bancorp Stock Down 0.2 %

NBT Bancorp stock traded down $0.09 during trading hours on Wednesday, hitting $48.93. 43,569 shares of the stock traded hands, compared to its average volume of 202,649. The firm’s 50-day moving average price is $46.50 and its two-hundred day moving average price is $43.81. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The company has a market cap of $2.31 billion, a PE ratio of 17.26 and a beta of 0.52. NBT Bancorp has a one year low of $32.79 and a one year high of $52.31.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. The business had revenue of $202.00 million for the quarter, compared to analysts’ expectations of $144.70 million. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. During the same period in the previous year, the firm posted $0.84 EPS. On average, research analysts forecast that NBT Bancorp will post 2.91 EPS for the current year.

Insider Buying and Selling

In related news, Director V Daniel Robinson II sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.10, for a total value of $882,000.00. Following the completion of the transaction, the director now directly owns 517,558 shares in the company, valued at $22,824,307.80. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Amy Wiles sold 556 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $45.00, for a total transaction of $25,020.00. Following the sale, the executive vice president now owns 28,909 shares of the company’s stock, valued at approximately $1,300,905. This represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 182,556 shares of company stock worth $8,540,290 in the last three months. Insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

A number of hedge funds have recently added to or reduced their stakes in NBTB. Victory Capital Management Inc. raised its stake in NBT Bancorp by 540.2% during the 2nd quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock valued at $27,147,000 after buying an additional 593,436 shares during the last quarter. Bank of New York Mellon Corp raised its stake in NBT Bancorp by 36.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock valued at $24,307,000 after buying an additional 169,180 shares during the last quarter. Eagle Asset Management Inc. grew its position in shares of NBT Bancorp by 76.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock valued at $16,759,000 after acquiring an additional 163,952 shares during the period. Deprince Race & Zollo Inc. grew its position in shares of NBT Bancorp by 14.9% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock valued at $31,978,000 after acquiring an additional 107,404 shares during the period. Finally, Ceredex Value Advisors LLC grew its position in shares of NBT Bancorp by 40.9% during the 3rd quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock valued at $13,680,000 after acquiring an additional 89,800 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

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.