NBT Bancorp (NASDAQ:NBTB) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a sell rating to a hold rating in a research note published on Wednesday.

NBTB has been the topic of several other reports. Raymond James lowered NBT Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. Stephens restated an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, NBT Bancorp currently has a consensus rating of “Hold” and a consensus price target of $42.60.

NBT Bancorp Price Performance

Shares of NASDAQ:NBTB opened at $45.47 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 1 year low of $32.79 and a 1 year high of $50.83. The business has a fifty day simple moving average of $45.37 and a 200 day simple moving average of $41.58. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 17.62 and a beta of 0.50.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.02. NBT Bancorp had a return on equity of 9.64% and a net margin of 16.15%. The business had revenue of $202.00 million during the quarter, compared to analyst estimates of $144.70 million. During the same period last year, the company earned $0.84 earnings per share. As a group, sell-side analysts predict that NBT Bancorp will post 2.86 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Monday, December 2nd. NBT Bancorp’s dividend payout ratio is currently 52.71%.

Insider Activity

In other news, EVP Amy Wiles sold 556 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $45.00, for a total value of $25,020.00. Following the sale, the executive vice president now directly owns 28,909 shares of the company’s stock, valued at approximately $1,300,905. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Martin Randolph Sparks sold 1,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.37, for a total value of $48,370.00. Following the sale, the executive vice president now directly owns 15,003 shares of the company’s stock, valued at approximately $725,695.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Amy Wiles sold 556 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the completion of the sale, the executive vice president now directly owns 28,909 shares in the company, valued at approximately $1,300,905. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,556 shares of company stock valued at $4,527,790. 3.32% of the stock is owned by insiders.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Focused Wealth Management Inc acquired a new stake in NBT Bancorp during the third quarter worth about $217,000. Ceredex Value Advisors LLC grew its position in NBT Bancorp by 40.9% during the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after buying an additional 89,800 shares in the last quarter. US Bancorp DE acquired a new stake in NBT Bancorp during the third quarter worth about $57,000. Wealth Enhancement Advisory Services LLC grew its position in NBT Bancorp by 3.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 144,642 shares of the bank’s stock worth $6,398,000 after buying an additional 5,235 shares in the last quarter. Finally, Raymond James & Associates grew its position in NBT Bancorp by 3.9% during the third quarter. Raymond James & Associates now owns 95,062 shares of the bank’s stock worth $4,205,000 after buying an additional 3,540 shares in the last quarter. 58.46% of the stock is owned by institutional investors and hedge funds.

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.