NBT Bancorp (NBTB) Lifted to “Buy” at BidaskClub
BidaskClub upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a buy rating in a report issued on Tuesday morning.
A number of other brokerages have also recently commented on NBTB. Boenning Scattergood restated a hold rating on shares of NBT Bancorp in a research report on Wednesday, January 24th. Zacks Investment Research upgraded NBT Bancorp from a hold rating to a strong-buy rating and set a $42.00 price target for the company in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods restated a hold rating and issued a $41.50 price target on shares of NBT Bancorp in a research report on Tuesday, February 27th. Finally, Sandler O’Neill set a $38.00 target price on NBT Bancorp and gave the stock a hold rating in a research report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. NBT Bancorp presently has a consensus rating of Hold and an average price target of $39.13.
Shares of NBT Bancorp (NBTB) opened at $36.02 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $1,610.75, a PE ratio of 18.76 and a beta of 0.88. NBT Bancorp has a 1 year low of $31.28 and a 1 year high of $40.85.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Wednesday, February 28th. NBT Bancorp’s dividend payout ratio is currently 49.20%.
In related news, Director Robert A. Wadsworth sold 1,625 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $37.20, for a total transaction of $60,450.00. Following the completion of the sale, the director now owns 16,194 shares in the company, valued at $602,416.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael J. Chewens sold 4,190 shares of the stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $38.41, for a total value of $160,937.90. Following the sale, the chief financial officer now owns 59,443 shares of the company’s stock, valued at approximately $2,283,205.63. The disclosure for this sale can be found here. Company insiders own 3.07% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of NBT Bancorp by 3.9% during the fourth quarter. BlackRock Inc. now owns 5,609,927 shares of the bank’s stock worth $206,444,000 after purchasing an additional 208,453 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of NBT Bancorp by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after purchasing an additional 42,291 shares in the last quarter. Geode Capital Management LLC grew its position in shares of NBT Bancorp by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 428,153 shares of the bank’s stock worth $15,755,000 after purchasing an additional 6,242 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of NBT Bancorp by 7.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 291,528 shares of the bank’s stock worth $10,729,000 after purchasing an additional 19,384 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in NBT Bancorp by 77.8% during the fourth quarter. Millennium Management LLC now owns 194,458 shares of the bank’s stock valued at $7,156,000 after buying an additional 85,075 shares during the last quarter. Hedge funds and other institutional investors own 51.21% of the company’s stock.
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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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