NBT Bancorp (NASDAQ:NBTB) Earns Buy Rating from Analysts at DA Davidson

DA Davidson initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $54.00 target price on the bank’s stock.

Several other brokerages have also commented on NBTB. Janney Montgomery Scott lowered NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. Weiss Ratings upgraded NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, NBT Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

NBT Bancorp Stock Down 3.9%

NBTB stock opened at $42.72 on Wednesday. NBT Bancorp has a one year low of $37.31 and a one year high of $47.93. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s fifty day moving average is $43.93 and its 200 day moving average is $42.79. The firm has a market cap of $2.23 billion, a PE ratio of 12.95 and a beta of 0.51.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Monday, January 26th. The bank reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.06. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. The business had revenue of $185.14 million for the quarter, compared to analyst estimates of $183.63 million. On average, research analysts forecast that NBT Bancorp will post 3.69 EPS for the current year.

NBT Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, March 2nd. NBT Bancorp’s dividend payout ratio is currently 44.85%.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director Timothy E. Delaney bought 22,730 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were acquired at an average cost of $42.97 per share, with a total value of $976,708.10. Following the purchase, the director directly owned 74,615 shares of the company’s stock, valued at $3,206,206.55. This trade represents a 43.81% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Amy Wiles sold 4,435 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total value of $202,768.20. Following the transaction, the executive vice president owned 21,500 shares in the company, valued at approximately $982,980. This represents a 17.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.03% of the stock is currently owned by corporate insiders.

Institutional Trading of NBT Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in NBTB. Amalgamated Bank grew its position in NBT Bancorp by 1.9% in the third quarter. Amalgamated Bank now owns 14,993 shares of the bank’s stock worth $626,000 after acquiring an additional 282 shares during the period. Inspire Investing LLC lifted its stake in shares of NBT Bancorp by 2.9% in the 4th quarter. Inspire Investing LLC now owns 11,257 shares of the bank’s stock valued at $467,000 after purchasing an additional 315 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of NBT Bancorp by 7.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,150 shares of the bank’s stock worth $214,000 after purchasing an additional 335 shares during the period. State of Alaska Department of Revenue increased its position in shares of NBT Bancorp by 1.4% during the 4th quarter. State of Alaska Department of Revenue now owns 28,929 shares of the bank’s stock worth $1,200,000 after purchasing an additional 397 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in shares of NBT Bancorp by 62.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after purchasing an additional 399 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

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.