NBT Bancorp Inc. Forecasted to Earn FY2017 Earnings of $1.97 Per Share (NBTB)
NBT Bancorp Inc. (NASDAQ:NBTB) – Stock analysts at Boenning Scattergood raised their FY2017 earnings per share estimates for NBT Bancorp in a report issued on Tuesday. Boenning Scattergood analyst M. Schultheis now expects that the bank will post earnings of $1.97 per share for the year, up from their prior estimate of $1.95. Boenning Scattergood also issued estimates for NBT Bancorp’s Q4 2017 earnings at $0.52 EPS and FY2018 earnings at $2.12 EPS.
NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, July 24th. The bank reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The company had revenue of $99.93 million during the quarter, compared to analysts’ expectations of $100.91 million. NBT Bancorp had a return on equity of 8.81% and a net margin of 19.68%. During the same period in the prior year, the business posted $0.46 EPS.
Several other brokerages have also commented on NBTB. Zacks Investment Research raised NBT Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Thursday, April 27th. BidaskClub raised NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $38.50 price target on shares of NBT Bancorp in a research note on Tuesday. ValuEngine raised NBT Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $35.00 price target on shares of NBT Bancorp in a research note on Wednesday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $36.75.
NBT Bancorp (NASDAQ:NBTB) opened at 36.06 on Thursday. The stock’s 50 day moving average price is $37.03 and its 200 day moving average price is $38.38. The stock has a market capitalization of $1.57 billion, a PE ratio of 19.70 and a beta of 0.88. NBT Bancorp has a 1-year low of $29.23 and a 1-year high of $42.56.
A number of institutional investors have recently modified their holdings of NBTB. Bank of Montreal Can increased its position in shares of NBT Bancorp by 26.0% in the first quarter. Bank of Montreal Can now owns 2,931 shares of the bank’s stock valued at $109,000 after buying an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in NBT Bancorp during the first quarter worth $136,000. State of Alaska Department of Revenue increased its stake in NBT Bancorp by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 4,790 shares of the bank’s stock worth $177,000 after buying an additional 130 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in NBT Bancorp during the fourth quarter worth $239,000. Finally, Trexquant Investment LP purchased a new stake in NBT Bancorp during the first quarter worth $218,000. Hedge funds and other institutional investors own 49.87% of the company’s stock.
In other NBT Bancorp news, Director John C. Mitchell sold 1,570 shares of NBT Bancorp stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $36.27, for a total value of $56,943.90. Following the completion of the transaction, the director now owns 34,219 shares in the company, valued at approximately $1,241,123.13. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John C. Mitchell sold 1,438 shares of NBT Bancorp stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $35.48, for a total value of $51,020.24. Following the completion of the transaction, the director now owns 32,781 shares of the company’s stock, valued at approximately $1,163,069.88. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.92 annualized dividend and a yield of 2.55%. NBT Bancorp’s payout ratio is 49.46%.
About NBT Bancorp
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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