NBT Bancorp (NASDAQ:NBTB) Hits New 52-Week High – What’s Next?

NBT Bancorp Inc. (NASDAQ:NBTB) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $51.22 and last traded at $51.3510, with a volume of 33640 shares traded. The stock had previously closed at $50.64.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. DA Davidson reissued a “buy” rating and set a $52.00 target price on shares of NBT Bancorp in a research report on Monday, April 27th. Piper Sandler increased their price target on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Hovde Group dropped their price objective on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

NBT Bancorp Stock Up 1.7%

The company has a 50-day simple moving average of $47.20 and a 200-day simple moving average of $44.86. The firm has a market cap of $2.68 billion, a PE ratio of 14.67 and a beta of 0.48. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly 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). NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.The business had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $185.35 million. Analysts expect that NBT Bancorp Inc. will post 4.14 earnings per share for the current fiscal year.

NBT Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 dividend on an annualized basis and a yield of 2.9%. NBT Bancorp’s dividend payout ratio (DPR) is 42.17%.

Insider Activity

In other news, Director Heidi M. Hoeller sold 2,100 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the sale, the director owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ruth H. Mahoney sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the transaction, the executive vice president directly owned 16,428 shares of the company’s stock, valued at $765,544.80. This trade represents a 23.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Private Advisor Group LLC grew its position in shares of NBT Bancorp by 4.2% during the 1st quarter. Private Advisor Group LLC now owns 5,809 shares of the bank’s stock valued at $247,000 after acquiring an additional 233 shares during the period. Ascent Wealth Partners LLC raised its holdings in NBT Bancorp by 6.1% in the 1st quarter. Ascent Wealth Partners LLC now owns 5,353 shares of the bank’s stock worth $228,000 after purchasing an additional 309 shares during the period. Inspire Investing LLC raised its holdings in NBT Bancorp by 2.9% in the 4th quarter. Inspire Investing LLC now owns 11,257 shares of the bank’s stock worth $467,000 after purchasing an additional 315 shares during the period. Bessemer Group Inc. boosted its position in NBT Bancorp by 63.8% during the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after purchasing an additional 324 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in NBT Bancorp by 1.4% in the fourth quarter. State of Alaska Department of Revenue now owns 28,929 shares of the bank’s stock valued at $1,200,000 after purchasing an additional 397 shares during the period. 58.46% of the stock is owned by institutional investors.

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.