NBT Bancorp Inc. (NBTB) Receives Average Rating of “Hold” from Brokerages
NBT Bancorp Inc. (NASDAQ:NBTB) has been given a consensus recommendation of “Hold” by the six research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $38.67.
A number of research firms recently issued reports on NBTB. Zacks Investment Research upgraded shares of NBT Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Thursday, October 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $38.00 price objective on shares of NBT Bancorp in a research report on Tuesday, October 3rd. BidaskClub cut shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies reiterated a “hold” rating and set a $35.00 price objective on shares of NBT Bancorp in a research report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of NBT Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th.
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In other NBT Bancorp news, Director V Daniel Robinson II sold 25,000 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $38.56, for a total transaction of $964,000.00. Following the completion of the transaction, the director now owns 10,141 shares in the company, valued at $391,036.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 65,000 shares of company stock worth $2,509,900. Corporate insiders own 2.83% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in shares of NBT Bancorp by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock valued at $30,121,000 after acquiring an additional 18,462 shares during the period. NBT Bank N A NY raised its stake in NBT Bancorp by 1.6% in the second quarter. NBT Bank N A NY now owns 250,889 shares of the bank’s stock valued at $9,271,000 after purchasing an additional 3,838 shares in the last quarter. Geode Capital Management LLC raised its stake in NBT Bancorp by 0.8% in the first quarter. Geode Capital Management LLC now owns 398,528 shares of the bank’s stock valued at $14,773,000 after purchasing an additional 3,262 shares in the last quarter. Vanguard Group Inc. raised its stake in NBT Bancorp by 7.4% in the first quarter. Vanguard Group Inc. now owns 4,067,362 shares of the bank’s stock valued at $150,777,000 after purchasing an additional 279,331 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in NBT Bancorp by 2.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 216,514 shares of the bank’s stock valued at $8,027,000 after purchasing an additional 4,758 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.
NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. The company had revenue of $102.71 million during the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a net margin of 20.02% and a return on equity of 9.01%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS.
NBT Bancorp declared that its board has authorized a stock buyback program on Monday, October 23rd that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, November 30th. NBT Bancorp’s dividend payout ratio is presently 47.92%.
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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