Stephens Reiterates Equal Weight Rating for NBT Bancorp (NASDAQ:NBTB)

NBT Bancorp (NASDAQ:NBTB)‘s stock had its “equal weight” rating reaffirmed by investment analysts at Stephens in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $49.00 price objective on the bank’s stock. Stephens’ price target suggests a potential upside of 11.90% from the stock’s previous close.

Separately, Raymond James downgraded NBT Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.60.

NBT Bancorp Price Performance

NASDAQ NBTB opened at $43.79 on Tuesday. The company has a market cap of $2.07 billion, a P/E ratio of 16.91 and a beta of 0.50. NBT Bancorp has a 1 year low of $30.31 and a 1 year high of $50.83. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. The company has a fifty day simple moving average of $45.49 and a 200 day simple moving average of $39.24.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $194.00 million during the quarter, compared to analyst estimates of $139.02 million. NBT Bancorp had a net margin of 16.15% and a return on equity of 9.64%. During the same period in the prior year, the business posted $0.80 earnings per share. On average, sell-side analysts predict that NBT Bancorp will post 2.86 EPS for the current year.

Insider Buying and Selling

In other NBT Bancorp news, EVP Sarah A. Halliday sold 1,325 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $35.66, for a total value of $47,249.50. Following the completion of the transaction, the executive vice president now owns 32,402 shares of the company’s stock, valued at approximately $1,155,455.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Arizona State Retirement System raised its position in NBT Bancorp by 2.0% in the second quarter. Arizona State Retirement System now owns 13,199 shares of the bank’s stock worth $509,000 after purchasing an additional 258 shares in the last quarter. Beacon Pointe Advisors LLC raised its holdings in shares of NBT Bancorp by 2.2% in the 4th quarter. Beacon Pointe Advisors LLC now owns 18,103 shares of the bank’s stock worth $759,000 after buying an additional 394 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of NBT Bancorp by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 23,700 shares of the bank’s stock worth $915,000 after buying an additional 400 shares during the period. Texas Permanent School Fund Corp boosted its stake in NBT Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 41,211 shares of the bank’s stock valued at $1,512,000 after buying an additional 534 shares in the last quarter. Finally, Inspire Investing LLC grew its position in NBT Bancorp by 6.9% in the first quarter. Inspire Investing LLC now owns 9,759 shares of the bank’s stock valued at $358,000 after acquiring an additional 634 shares during the period. 58.46% of the stock is owned by institutional investors.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.