NBT Bancorp Inc. (NBTB) Earns Hold Rating from Piper Jaffray Companies
NBT Bancorp Inc. (NASDAQ:NBTB)‘s stock had its “hold” rating reissued by research analysts at Piper Jaffray Companies in a research note issued to investors on Friday. They currently have a $35.50 target price on the bank’s stock. Piper Jaffray Companies’ target price indicates a potential downside of 3.06% from the stock’s current price.
A number of other research analysts have also recently weighed in on NBTB. Zacks Investment Research cut NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. BidaskClub upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. NBT Bancorp presently has a consensus rating of “Hold” and a consensus price target of $34.25.
Shares of NBT Bancorp (NBTB) opened at 36.62 on Friday. NBT Bancorp has a one year low of $28.33 and a one year high of $42.56. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 20.01 and a beta of 0.88. The company has a 50-day moving average of $36.76 and a 200 day moving average of $39.01.
NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, April 24th. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. NBT Bancorp had a return on equity of 8.75% and a net margin of 19.58%. The company had revenue of $97.20 million during the quarter, compared to the consensus estimate of $97.54 million. During the same quarter last year, the company earned $0.43 earnings per share. NBT Bancorp’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that NBT Bancorp will post $1.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Tuesday, May 30th. NBT Bancorp’s dividend payout ratio is presently 50.27%.
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In related news, Director John C. Mitchell sold 1,438 shares of NBT Bancorp stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $35.48, for a total transaction of $51,020.24. Following the completion of the sale, the director now owns 32,781 shares in the company, valued at approximately $1,163,069.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John C. Mitchell sold 1,570 shares of NBT Bancorp stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total value of $56,943.90. Following the sale, the director now owns 34,219 shares of the company’s stock, valued at approximately $1,241,123.13. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.
A number of hedge funds have recently bought and sold shares of NBTB. Commonwealth Equity Services boosted its stake in NBT Bancorp by 3.8% in the fourth quarter. Commonwealth Equity Services now owns 99,136 shares of the bank’s stock valued at $2,764,000 after buying an additional 3,609 shares during the period. Dimensional Fund Advisors LP boosted its stake in NBT Bancorp by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,649,343 shares of the bank’s stock valued at $45,984,000 after buying an additional 104,926 shares during the period. Norges Bank acquired a new stake in NBT Bancorp during the fourth quarter valued at approximately $12,638,000. Martingale Asset Management L P boosted its stake in NBT Bancorp by 113.9% in the fourth quarter. Martingale Asset Management L P now owns 41,736 shares of the bank’s stock valued at $1,164,000 after buying an additional 22,225 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in NBT Bancorp by 2.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 185,743 shares of the bank’s stock valued at $5,179,000 after buying an additional 3,992 shares during the period. Hedge funds and other institutional investors own 50.31% of the company’s stock.
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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