NBT Bancorp (NASDAQ:NBTB) Coverage Initiated at DA Davidson

Investment analysts at DA Davidson assumed coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research note issued on Wednesday. The firm set a “buy” rating and a $54.00 price target on the bank’s stock. DA Davidson’s price objective would indicate a potential upside of 22.92% from the company’s previous close.

Several other analysts also recently issued reports on NBTB. Weiss Ratings upgraded NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Janney Montgomery Scott downgraded NBT Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, NBT Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

NBT Bancorp Price Performance

NBTB opened at $43.93 on Wednesday. NBT Bancorp has a 1 year low of $37.31 and a 1 year high of $47.93. The company’s 50 day simple moving average is $43.92 and its 200 day simple moving average is $42.75. The stock has a market capitalization of $2.30 billion, a PE ratio of 13.31 and a beta of 0.51. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, January 26th. The bank reported $1.05 EPS for the quarter, topping the consensus estimate of $0.99 by $0.06. The firm had revenue of $185.14 million during the quarter, compared to analyst estimates of $183.63 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. As a group, sell-side analysts expect that NBT Bancorp will post 3.69 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total value of $202,768.20. Following the completion of the transaction, the executive vice president directly owned 21,500 shares in the company, valued at approximately $982,980. This trade represents a 17.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy E. Delaney acquired 22,730 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was purchased at an average cost of $42.97 per share, with a total value of $976,708.10. Following the completion of the acquisition, the director owned 74,615 shares of the company’s stock, valued at $3,206,206.55. The trade was a 43.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 3.03% of the company’s stock.

Institutional Trading of NBT Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of NBTB. Savant Capital LLC lifted its holdings in NBT Bancorp by 168.4% in the third quarter. Savant Capital LLC now owns 71,060 shares of the bank’s stock worth $2,967,000 after acquiring an additional 44,585 shares during the last quarter. PL Capital Advisors LLC acquired a new stake in shares of NBT Bancorp during the 2nd quarter worth approximately $16,326,000. SG Americas Securities LLC lifted its holdings in shares of NBT Bancorp by 110.6% in the 3rd quarter. SG Americas Securities LLC now owns 24,302 shares of the bank’s stock worth $1,015,000 after purchasing an additional 12,761 shares during the last quarter. Norges Bank acquired a new position in NBT Bancorp during the 2nd quarter valued at approximately $1,646,000. Finally, Endeavour Capital Advisors Inc. bought a new position in NBT Bancorp during the 2nd quarter worth $3,371,000. 58.46% of the stock is owned by institutional investors and hedge funds.

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.