NBT Bancorp (NASDAQ:NBTB) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also commented on the stock. Stephens lowered shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. DA Davidson set a $62.00 target price on shares of NBT Bancorp in a research note on Thursday, October 29th. Piper Sandler reissued an “overweight” rating and set a $61.00 price target (down from $62.00) on shares of NBT Bancorp in a report on Monday, November 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a report on Monday, October 19th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $55.00 price target (down from $58.00) on shares of NBT Bancorp in a research report on Friday, October 30th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.90.

NBT Bancorp Stock Performance

Shares of NBT Bancorp stock opened at $53.64 on Friday. The firm’s fifty day simple moving average is $51.54 and its 200-day simple moving average is $47.98. NBT Bancorp has a 12 month low of $39.44 and a 12 month high of $55.35. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 13.04 and a beta of 0.49. 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 (NASDAQ:NBTB) last issued its quarterly earnings results on Tuesday, October 27th. The bank reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The firm had revenue of $195.03 million during the quarter, compared to analysts’ expectations of $193.83 million. NBT Bancorp had a net margin of 22.87% and a return on equity of 11.28%. As a group, equities analysts forecast that NBT Bancorp will post 4.19 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company 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 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

Several institutional investors have recently bought and sold shares of NBTB. Public Employees Retirement System of Ohio acquired a new stake in shares of NBT Bancorp in the 2nd quarter worth $32,000. Bessemer Group Inc. boosted its holdings in shares of NBT Bancorp by 63.8% in the first 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 acquired a new position in shares of NBT Bancorp during the first quarter worth about $37,000. Nykredit A S acquired a new position in shares of NBT Bancorp during the second quarter worth about $45,000. Finally, Global Retirement Partners LLC acquired a new position in shares of NBT Bancorp during the second quarter worth about $49,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Company Profile