NBT Bancorp Inc. (NASDAQ:NBTB) Rating Increased to Buy at ValuEngine
ValuEngine upgraded shares of NBT Bancorp Inc. (NASDAQ:NBTB) from a hold rating to a buy rating in a research note issued to investors on Tuesday.
Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded NBT Bancorp from a hold rating to a buy rating and set a $42.00 price target on the stock in a research report on Saturday, June 10th. BidaskClub upgraded NBT Bancorp from a sell rating to a hold rating in a research report on Friday, June 30th. Piper Jaffray Companies restated a hold rating and set a $35.50 price target on shares of NBT Bancorp in a research report on Friday, July 14th. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $38.50 price target on shares of NBT Bancorp in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $36.75.
Shares of NBT Bancorp (NBTB) traded down 0.64% during trading on Tuesday, hitting $35.74. The stock had a trading volume of 59,799 shares. NBT Bancorp has a 52 week low of $29.54 and a 52 week high of $42.56. The firm has a 50 day moving average price of $36.96 and a 200-day moving average price of $38.33. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 19.22 and a beta of 0.88.
NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, July 24th. The bank reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.01. NBT Bancorp had a return on equity of 8.81% and a net margin of 19.68%. The company had revenue of $99.93 million for the quarter, compared to analyst estimates of $100.91 million. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts forecast that NBT Bancorp will post $1.95 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.57%. The ex-dividend date is Wednesday, August 30th. NBT Bancorp’s dividend payout ratio (DPR) is 49.46%.
In other NBT Bancorp news, Director John C. Mitchell sold 1,438 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $35.48, for a total value of $51,020.24. Following the sale, the director now directly owns 32,781 shares of the company’s stock, valued at $1,163,069.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John C. Mitchell sold 1,570 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total value of $56,943.90. Following the completion of the sale, the director now directly owns 34,219 shares in the company, valued at $1,241,123.13. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NBTB. BlackRock Inc. increased its stake in NBT Bancorp by 47,917.6% in the first quarter. BlackRock Inc. now owns 5,456,241 shares of the bank’s stock valued at $202,263,000 after buying an additional 5,444,878 shares during the period. Norges Bank bought a new stake in NBT Bancorp during the fourth quarter valued at approximately $20,182,000. Vanguard Group Inc. increased its stake in NBT Bancorp by 7.4% in the first quarter. Vanguard Group Inc. now owns 4,067,362 shares of the bank’s stock valued at $150,777,000 after buying an additional 279,331 shares during the period. Bank of New York Mellon Corp increased its stake in NBT Bancorp by 28.9% in the first quarter. Bank of New York Mellon Corp now owns 796,715 shares of the bank’s stock valued at $29,534,000 after buying an additional 178,423 shares during the period. Finally, State Street Corp increased its stake in NBT Bancorp by 14.1% in the first quarter. State Street Corp now owns 1,246,976 shares of the bank’s stock valued at $46,225,000 after buying an additional 154,441 shares during the period. 49.87% of the stock is currently owned by institutional investors and hedge funds.
About NBT Bancorp
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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