NBT Bancorp (NBTB) Downgraded by BidaskClub to Sell
BidaskClub lowered shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research report sent to investors on Thursday.
Other research analysts have also recently issued reports about the company. Zacks Investment Research raised NBT Bancorp from a hold rating to a buy rating and set a $43.00 target price for the company in a research note on Thursday, October 26th. Sandler O’Neill set a $38.00 target price on NBT Bancorp and gave the stock a hold rating in a research note on Wednesday. Keefe, Bruyette & Woods reissued a hold rating and set a $38.00 target price on shares of NBT Bancorp in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies reissued a hold rating and set a $35.00 target price on shares of NBT Bancorp in a research note on Sunday, September 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $38.25.
NBT Bancorp (NASDAQ:NBTB) traded up $0.25 on Thursday, reaching $36.57. The company had a trading volume of 95,370 shares, compared to its average volume of 142,393. NBT Bancorp has a 1 year low of $31.28 and a 1 year high of $42.55. The firm has a market cap of $1,590.00, a PE ratio of 19.15 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.83 and a quick ratio of 0.83.
NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. The firm had revenue of $102.71 million during the quarter, compared to analysts’ expectations of $101.31 million. During the same period in the previous year, the firm posted $0.46 EPS. NBT Bancorp’s revenue for the quarter was up 6.6% on a year-over-year basis. equities research analysts anticipate that NBT Bancorp will post 1.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.52%. NBT Bancorp’s dividend payout ratio is currently 48.17%.
NBT Bancorp declared that its board has initiated a stock buyback program on Monday, October 23rd that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
In other news, Director V Daniel Robinson II sold 25,000 shares of the company’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $38.56, for a total transaction of $964,000.00. Following the completion of the transaction, the director now directly owns 10,141 shares of the company’s stock, valued at approximately $391,036.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 65,000 shares of company stock valued at $2,509,900. Insiders own 3.07% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of NBT Bancorp by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,097,601 shares of the bank’s stock worth $151,407,000 after acquiring an additional 30,239 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of NBT Bancorp by 2.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after acquiring an additional 42,291 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of NBT Bancorp by 1.4% in the 2nd quarter. Northern Trust Corp now owns 1,103,970 shares of the bank’s stock valued at $40,792,000 after purchasing an additional 14,921 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of NBT Bancorp by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock valued at $30,121,000 after purchasing an additional 18,462 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of NBT Bancorp by 1.3% in the 2nd quarter. Principal Financial Group Inc. now owns 354,471 shares of the bank’s stock valued at $13,098,000 after purchasing an additional 4,615 shares during the last quarter. 49.44% of the stock is owned by institutional investors and hedge funds.
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NBT Bancorp Company Profile
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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