NBT Bancorp (NASDAQ:NBTB) Now Covered by Hovde Group

Analysts at Hovde Group initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage set a “market perform” rating and a $50.00 price target on the bank’s stock. Hovde Group’s price target suggests a potential upside of 16.82% from the company’s current price.

A number of other research firms have also weighed in on NBTB. Stephens upgraded shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 price target for the company in a research report on Wednesday, January 29th. DA Davidson began coverage on shares of NBT Bancorp in a research report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price target for the company. Keefe, Bruyette & Woods upped their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com lowered shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.50.

NBT Bancorp Stock Performance

NBTB opened at $42.80 on Friday. The firm has a market cap of $2.02 billion, a P/E ratio of 14.46 and a beta of 0.48. NBT Bancorp has a 1-year low of $32.93 and a 1-year high of $52.44. The company has a 50 day simple moving average of $46.54 and a two-hundred day simple moving average of $46.87. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, January 27th. The bank reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. During the same quarter in the prior year, the business earned $0.72 earnings per share. Equities analysts forecast that NBT Bancorp will post 3.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sarah A. Halliday sold 5,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $48.45, for a total transaction of $242,250.00. Following the sale, the executive vice president now owns 25,564 shares of the company’s stock, valued at $1,238,575.80. This represents a 16.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Heidi M. Hoeller purchased 678 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average cost of $48.45 per share, for a total transaction of $32,849.10. Following the purchase, the director now owns 6,437 shares of the company’s stock, valued at $311,872.65. This represents a 11.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in NBTB. Eagle Asset Management Inc. increased its stake in NBT Bancorp by 76.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after buying an additional 163,952 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in NBT Bancorp by 55.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 224,874 shares of the bank’s stock worth $9,946,000 after acquiring an additional 80,232 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of NBT Bancorp by 12.5% in the 4th quarter. Bank of New York Mellon Corp now owns 683,253 shares of the bank’s stock valued at $32,632,000 after buying an additional 75,693 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in shares of NBT Bancorp in the 3rd quarter valued at about $439,000. Finally, Barclays PLC boosted its holdings in shares of NBT Bancorp by 41.8% in the 3rd quarter. Barclays PLC now owns 91,880 shares of the bank’s stock valued at $4,064,000 after buying an additional 27,085 shares in the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Company Profile

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.