NBT Bancorp (NASDAQ:NBTB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a sell rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other equities research analysts have also commented on the stock. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Piper Sandler upped their target price on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Finally, DA Davidson lifted their price target on NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, NBT Bancorp has a consensus rating of “Hold” and an average price target of $54.10.

NBT Bancorp Trading Up 0.8%

NASDAQ NBTB opened at $52.14 on Friday. The company has a fifty day simple moving average of $52.03 and a two-hundred day simple moving average of $47.44. The stock has a market cap of $2.71 billion, a P/E ratio of 12.75 and a beta of 0.47. NBT Bancorp has a 12-month low of $39.19 and a 12-month high of $54.50. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. The company had revenue of $186.69 million for the quarter, compared to analysts’ expectations of $188.81 million. On average, analysts forecast 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. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. 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. NBT Bancorp’s dividend payout ratio is currently 39.12%.

Insider Transactions at NBT Bancorp

In related news, EVP Sarah Halliday sold 9,000 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares in the company, valued at $1,191,798.16. The trade was a 28.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ruth Mahoney sold 4,500 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total value of $244,350.00. Following the transaction, the executive vice president owned 11,928 shares in the company, valued at $647,690.40. This represents a 27.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in NBTB. Integrated Wealth Concepts LLC acquired a new stake in shares of NBT Bancorp in the second quarter valued at about $219,000. IFP Advisors Inc raised its position in shares of NBT Bancorp by 0.9% during the 2nd quarter. IFP Advisors Inc now owns 25,034 shares of the bank’s stock worth $1,236,000 after purchasing an additional 216 shares during the last quarter. Baird Financial Group Inc. lifted its stake in NBT Bancorp by 6.1% in the 2nd quarter. Baird Financial Group Inc. now owns 45,569 shares of the bank’s stock valued at $2,250,000 after buying an additional 2,638 shares in the last quarter. Nykredit A S purchased a new position in NBT Bancorp in the 2nd quarter valued at about $45,000. Finally, Corient Private Wealth LP acquired a new stake in NBT Bancorp in the 2nd quarter worth about $233,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc is a bank holding company headquartered in Norwich, New York. Through its principal subsidiary, NBT Bank, the company provides a range of financial services to individuals, families, businesses and municipal entities.

NBT Bank’s offerings include checking and savings accounts, consumer and residential lending, commercial loans, mortgages, credit cards and digital banking services. Through affiliated businesses, NBT Bancorp also provides wealth management, investment services and insurance products.

Founded in 1856 as the Bank of Norwich, NBT Bank has expanded from its original New York market to serve communities across the Northeast.