NBT Bancorp Inc. (NASDAQ:NBTB) Given Average Recommendation of “Hold” by Brokerages

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $54.10.

A number of research firms have issued reports on NBTB. Stephens cut NBT Bancorp from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $52.00 to $55.00 in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Piper Sandler lifted their target price on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Finally, DA Davidson raised their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th.

Insiders Place Their Bets

In other news, EVP Ruth H. Mahoney sold 4,500 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total transaction of $244,350.00. Following the transaction, the executive vice president directly owned 11,928 shares in the company, valued at $647,690.40. The trade was a 27.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Heidi M. Hoeller sold 2,100 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Great Lakes Advisors LLC acquired a new position in NBT Bancorp in the 2nd quarter valued at $215,000. BlackRock Inc. acquired a new stake in shares of NBT Bancorp during the 2nd quarter worth $369,183,000. Deutsche Bank AG acquired a new stake in shares of NBT Bancorp during the 2nd quarter worth $2,763,000. Focused Wealth Management Inc bought a new position in shares of NBT Bancorp in the second quarter worth $363,000. Finally, HBK Sorce Advisory LLC bought a new position in shares of NBT Bancorp in the second quarter worth $444,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Stock Performance

Shares of NASDAQ:NBTB opened at $52.47 on Tuesday. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 12.83 and a beta of 0.48. The firm’s 50 day simple moving average is $49.97 and its 200 day simple moving average is $46.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp has a fifty-two week low of $39.19 and a fifty-two week high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. As a group, sell-side analysts forecast that NBT Bancorp will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio (DPR) is currently 36.19%.

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.