NBT Bancorp (NASDAQ:NBTB) Hits New 1-Year High – Still a Buy?

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) hit a new 52-week high on Wednesday . The company traded as high as $50.33 and last traded at $50.0280, with a volume of 31534 shares. The stock had previously closed at $49.37.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Hovde Group lowered their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research note on Monday, April 27th. Piper Sandler increased their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. Finally, DA Davidson reiterated a “buy” rating and issued a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.50.

NBT Bancorp Stock Performance

The firm has a fifty day moving average of $46.08 and a 200-day moving average of $44.42. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 14.36 and a beta of 0.49. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09.

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

NBT Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.37 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.48 annualized dividend and a dividend yield of 2.9%. NBT Bancorp’s payout ratio is currently 42.17%.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director Heidi M. Hoeller sold 2,100 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the transaction, the executive vice president owned 16,428 shares of the company’s stock, valued at approximately $765,544.80. The trade was a 23.33% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

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

NBT Bancorp Company Profile

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.