NBT Bancorp (NASDAQ:NBTB) Hits New 1-Year High – Still a Buy?

NBT Bancorp Inc. (NASDAQ:NBTB)’s share price hit a new 52-week high on Wednesday . The company traded as high as $50.33 and last traded at $50.0280, with a volume of 31534 shares traded. The stock had previously closed at $49.37.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NBTB shares. Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. DA Davidson reaffirmed a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a research note on Monday, April 27th. Piper Sandler lifted their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Hovde Group dropped their price objective on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.50.

NBT Bancorp Trading Down 0.3%

The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 14.27 and a beta of 0.48. The firm’s 50-day moving average is $46.27 and its 200-day moving average is $44.50. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). The business had revenue of $184.48 million for the quarter, compared to analyst estimates of $185.35 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. As a group, sell-side analysts anticipate that NBT Bancorp Inc. will post 4.14 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 annualized dividend and a yield of 3.0%. NBT Bancorp’s dividend payout ratio (DPR) is presently 42.17%.

Insider Transactions at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the transaction, the executive vice president owned 16,428 shares of the company’s stock, valued at $765,544.80. The trade was a 23.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Heidi M. Hoeller sold 2,100 shares of the company’s stock in a transaction 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 sale, the director owned 11,560 shares of the company’s stock, valued at $555,226.80. This trade represents a 15.37% decrease in their position. The SEC filing for this sale provides additional information. 2.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

Large investors have recently bought and sold shares of the stock. State Street Corp grew its stake in shares of NBT Bancorp by 7.8% in the 2nd quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after acquiring an additional 182,793 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in NBT Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock worth $99,252,000 after purchasing an additional 30,141 shares during the last quarter. Victory Capital Management Inc. grew its position in NBT Bancorp by 2.0% in the 4th quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock worth $27,532,000 after purchasing an additional 12,967 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in NBT Bancorp by 29.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock worth $23,856,000 after purchasing an additional 128,316 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in NBT Bancorp by 26.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after buying an additional 70,594 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors.

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.