NBT Bancorp (NASDAQ:NBTB) announced that its Board of Directors has initiated a stock buyback program, which permits the company to buyback 1,000,000 shares on Monday, October 23rd, EventVestor reports. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

NBT Bancorp (NBTB) traded up 0.61% during trading on Tuesday, reaching $37.79. The company’s stock had a trading volume of 30,959 shares. NBT Bancorp has a 52 week low of $31.28 and a 52 week high of $42.56. The company has a market cap of $1.64 billion, a P/E ratio of 20.32 and a beta of 0.91. The company’s 50 day moving average price is $35.82 and its 200 day moving average price is $36.19.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, October 23rd. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.02. The company had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a net margin of 19.68% and a return on equity of 8.81%. NBT Bancorp’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 EPS. On average, equities analysts anticipate that NBT Bancorp will post $1.95 earnings per share for the current fiscal year.

Several analysts recently issued reports on NBTB shares. Zacks Investment Research upgraded NBT Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday, July 28th. Boenning Scattergood upgraded NBT Bancorp from an “under perform” rating to a “neutral” rating in a report on Tuesday, August 15th. BidaskClub lowered NBT Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Piper Jaffray Companies restated a “hold” rating and set a $35.00 target price on shares of NBT Bancorp in a report on Sunday, September 17th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $38.50 target price on shares of NBT Bancorp in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $35.88.

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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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