NBT Bancorp Inc. (NBTB) Cut to Hold at Zacks Investment Research
NBT Bancorp Inc. (NASDAQ:NBTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
A number of other equities analysts have also recently weighed in on NBTB. ValuEngine cut NBT Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Boenning Scattergood raised NBT Bancorp from an “under perform” rating to a “neutral” rating in a report on Tuesday, August 15th. Piper Jaffray Companies reissued a “hold” rating and set a $35.50 price objective on shares of NBT Bancorp in a report on Friday, July 14th. BidaskClub cut NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, 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, July 25th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. NBT Bancorp currently has a consensus rating of “Hold” and a consensus price target of $36.00.
Shares of NBT Bancorp (NBTB) traded up 1.48% during mid-day trading on Friday, reaching $32.13. The company had a trading volume of 99,605 shares. The stock has a 50 day moving average price of $34.18 and a 200 day moving average price of $36.87. The firm has a market capitalization of $1.40 billion, a PE ratio of 17.27 and a beta of 0.90. NBT Bancorp has a 12-month low of $31.28 and a 12-month high of $42.56.
NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, July 24th. The bank reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.01. The company had revenue of $99.93 million for 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 last year, the firm posted $0.46 EPS. On average, equities analysts forecast that NBT Bancorp will post $1.95 earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the business. Bank of Montreal Can increased its stake in NBT Bancorp by 26.0% in the 1st quarter. Bank of Montreal Can now owns 2,931 shares of the bank’s stock worth $109,000 after purchasing an additional 604 shares during the period. Ameritas Investment Partners Inc. purchased a new position in NBT Bancorp in the 1st quarter worth approximately $136,000. State of Alaska Department of Revenue increased its stake in NBT Bancorp by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 4,790 shares of the bank’s stock worth $177,000 after purchasing an additional 130 shares during the period. Biondo Investment Advisors LLC purchased a new position in NBT Bancorp in the 2nd quarter worth approximately $201,000. Finally, National Planning Corp purchased a new position in NBT Bancorp in the 2nd quarter worth approximately $219,000. 49.20% of the stock is currently owned by institutional investors and hedge funds.
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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