NBT Bancorp (NASDAQ:NBTB) Hits New 1-Year High – What’s Next?

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) reached a new 52-week high on Friday . The company traded as high as $46.93 and last traded at $46.6640, with a volume of 79411 shares traded. The stock had previously closed at $46.43.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NBTB. Janney Montgomery Scott cut NBT Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, February 23rd. DA Davidson reissued a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a research report on Monday, April 27th. Piper Sandler began coverage on NBT Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $50.00 price target on the stock. Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Finally, Hovde Group dropped their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.50.

NBT Bancorp Price Performance

The firm has a market capitalization of $2.44 billion, a P/E ratio of 13.36 and a beta of 0.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a 50-day moving average of $44.70 and a 200-day moving average of $43.63.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). The business had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. As a group, analysts predict that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. NBT Bancorp’s dividend payout ratio is presently 42.17%.

Hedge Funds Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp lifted its holdings in shares of NBT Bancorp by 7.8% during the 2nd quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after buying an additional 182,793 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of NBT Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock valued at $99,252,000 after buying an additional 30,141 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of NBT Bancorp by 2.0% during the 4th quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock valued at $27,532,000 after buying an additional 12,967 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of NBT Bancorp by 29.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock valued at $23,856,000 after buying an additional 128,316 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of NBT Bancorp by 26.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after buying an additional 70,594 shares during the period. 58.46% of the stock is owned by institutional investors.

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.