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

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have earned a consensus rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $54.10.

Several research analysts have recently weighed in on NBTB shares. Stephens downgraded NBT Bancorp from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. DA Davidson boosted their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods restated a “hold” rating and set a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Wall Street Zen downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. 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 research report on Friday, June 26th.

NBT Bancorp Stock Up 1.2%

NBTB opened at $52.27 on Friday. The company has a fifty day moving average of $51.80 and a two-hundred day moving average of $47.14. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 12.78 and a beta of 0.47. NBT Bancorp has a fifty-two week low of $39.19 and a fifty-two week high of $54.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). The business had revenue of $186.69 million during the quarter, compared to analysts’ expectations of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. On average, research analysts expect that NBT Bancorp will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. NBT Bancorp’s payout ratio is currently 39.12%.

Insider Activity

In related news, EVP Sarah A. Halliday sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the sale, the executive vice president directly owned 22,054 shares in the company, valued at approximately $1,191,798.16. The trade was a 28.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction on Friday, June 12th. The shares were 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 represents a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,600 shares of company stock worth $831,573 over the last quarter. 2.99% of the stock is currently owned by corporate insiders.

Institutional Trading of NBT Bancorp

Several large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in NBT Bancorp in the 2nd quarter valued at about $369,183,000. California State Teachers Retirement System increased its holdings in shares of NBT Bancorp by 5,810.6% in the second quarter. California State Teachers Retirement System now owns 2,947,932 shares of the bank’s stock valued at $145,539,000 after purchasing an additional 2,898,057 shares during the last quarter. State Street Corp lifted its position in NBT Bancorp by 7.8% during 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in NBT Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock worth $99,252,000 after buying an additional 30,141 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in NBT Bancorp by 2.0% during the fourth quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock worth $27,532,000 after buying an additional 12,967 shares during the last quarter. Hedge funds and other institutional investors 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.