NBT Bancorp’s (NBTB) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

NBT Bancorp (NASDAQ:NBTB)‘s stock had its “market perform” rating reissued by stock analysts at Keefe, Bruyette & Woods in a research note issued to investors on Monday,Benzinga reports. They presently have a $54.00 target price on the bank’s stock, up from their prior target price of $52.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 2.09% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Hovde Group cut their price objective on shares of 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 raised their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Stephens cut shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $52.00 to $55.00 in a research report on Thursday. Finally, DA Davidson upped their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.10.

NBT Bancorp Stock Performance

Shares of NBT Bancorp stock traded up $0.24 during trading on Monday, hitting $52.90. 149,530 shares of the stock were exchanged, compared to its average volume of 292,776. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $49.14 and a 200-day moving average price of $45.80. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.94 and a beta of 0.48. NBT Bancorp has a 1-year low of $39.19 and a 1-year high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. As a group, equities analysts predict that NBT Bancorp will post 4.15 EPS for the current fiscal year.

Insider Activity

In related news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the sale, the director directly owned 11,560 shares of the company’s stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Sarah A. Halliday sold 9,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the transaction, the executive vice president directly owned 22,054 shares of the company’s stock, valued at approximately $1,191,798.16. The trade was a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 20,600 shares of company stock worth $1,064,573. Corporate insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of NBTB. Millennium Management LLC raised its stake in shares of NBT Bancorp by 564.1% during the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after acquiring an additional 210,699 shares during the last quarter. State Street Corp grew its stake in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after purchasing an additional 182,793 shares during the last quarter. Nuveen LLC increased its holdings in NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock valued at $11,879,000 after purchasing an additional 180,528 shares during the period. The Manufacturers Life Insurance Company raised its position in NBT Bancorp by 63.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after purchasing an additional 174,639 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in NBT Bancorp by 29.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock worth $23,856,000 after buying an additional 128,316 shares during the period. Institutional investors own 58.46% of the company’s stock.

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.