NBT Bancorp (NASDAQ:NBTB) Reaches New 12-Month High – Time to Buy?

NBT Bancorp Inc. (NASDAQ:NBTB) shares reached a new 52-week high during trading on Thursday . The company traded as high as $47.88 and last traded at $47.47, with a volume of 245197 shares changing hands. The stock had previously closed at $47.21.

Analyst Upgrades and Downgrades

A number of research firms have commented on NBTB. DA Davidson reaffirmed a “buy” rating and set a $52.00 price target on shares of NBT Bancorp in a research report on Monday, April 27th. Hovde Group lowered their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research report on Monday, April 27th. Piper Sandler began coverage on NBT Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $50.00 price target for the company. Janney Montgomery Scott lowered NBT Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.50.

NBT Bancorp Price Performance

The business has a fifty day simple moving average of $45.07 and a two-hundred day simple moving average of $43.83. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.47 billion, a PE ratio of 13.52 and a beta of 0.49.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.The firm had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $185.36 million. Research analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, June 1st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.1%. NBT Bancorp’s dividend payout ratio is 42.17%.

Insider Buying and Selling at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the company’s 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 in the company, valued at approximately $765,544.80. This represents a 23.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NBTB. Millennium Management LLC grew its holdings in shares of NBT Bancorp by 564.1% during the 3rd quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock worth $10,359,000 after acquiring an additional 210,699 shares during the period. 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 buying an additional 182,793 shares during the last quarter. Nuveen LLC grew its stake in shares of NBT Bancorp by 171.0% in the 4th quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock worth $11,879,000 after buying an additional 180,528 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of NBT Bancorp by 63.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after buying an additional 174,639 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of NBT Bancorp in the 3rd quarter worth approximately $4,886,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

About NBT Bancorp

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.