NBT Bancorp (NASDAQ:NBTB) Reaches New 1-Year High – Here’s Why

NBT Bancorp Inc. (NASDAQ:NBTB)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $54.85 and last traded at $53.8150, with a volume of 18,124 shares changing hands. The stock had previously closed at $52.61.

Analyst Upgrades and Downgrades

Several research firms have commented on NBTB. Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $55.00 target price (down from $58.00) on shares of NBT Bancorp in a research note on Friday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $61.00 price target (down from $62.00) on shares of NBT Bancorp in a research report on Monday. DA Davidson set a $62.00 price target on shares of NBT Bancorp in a research report on Thursday, October 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research note on Monday, October 19th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $55.90.

NBT Bancorp Stock Up 2.8%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $2.81 billion, a PE ratio of 12.95 and a beta of 0.49. The company’s 50 day simple moving average is $51.39 and its 200-day simple moving average is $47.79.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Tuesday, October 27th. The bank reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. The firm had revenue of $195.03 million during the quarter, compared to analyst estimates of $193.83 million. NBT Bancorp had a net margin of 22.87% and a return on equity of 11.28%. On average, analysts forecast that NBT Bancorp Inc. will post 4.19 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, December 1st. NBT Bancorp’s dividend payout ratio (DPR) is 38.37%.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new position in NBT Bancorp in the 2nd quarter worth about $32,000. Bessemer Group Inc. raised its holdings in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after acquiring an additional 324 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of NBT Bancorp during the 1st quarter valued at about $37,000. Nykredit A S bought a new stake in shares of NBT Bancorp during the 2nd quarter valued at about $45,000. Finally, Global Retirement Partners LLC bought a new stake in shares of NBT Bancorp during the 2nd quarter valued at about $49,000. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

About NBT Bancorp

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.