NBT Bancorp Inc. (NASDAQ:NBTB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

NBT Bancorp Inc. (NASDAQ:NBTB) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $49.50.

NBTB has been the subject of a number of research reports. DA Davidson restated a “buy” rating and set a $52.00 target price on shares of NBT Bancorp in a report on Monday, April 27th. Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Piper Sandler initiated coverage on shares of NBT Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $50.00 target price for the company. Janney Montgomery Scott cut shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. Finally, Hovde Group reduced their target price on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a report on Monday, April 27th.

Insider Buying and Selling

In related news, Director Heidi M. Hoeller sold 2,100 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the sale, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ruth H. Mahoney sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the sale, the executive vice president owned 16,428 shares of the company’s stock, valued at $765,544.80. The trade was a 23.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBTB. EverSource Wealth Advisors LLC boosted its stake in NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after purchasing an additional 609 shares during the period. Larson Financial Group LLC boosted its stake in NBT Bancorp by 13,316.7% in the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. boosted its stake in NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after purchasing an additional 324 shares during the period. Western Wealth Management LLC acquired a new position in NBT Bancorp in the 1st quarter worth approximately $37,000. Finally, Global Retirement Partners LLC boosted its stake in NBT Bancorp by 62.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after purchasing an additional 399 shares during the period. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Price Performance

NASDAQ NBTB opened at $46.68 on Monday. NBT Bancorp has a 12 month low of $39.19 and a 12 month high of $48.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $2.43 billion, a PE ratio of 13.30 and a beta of 0.49. The company’s 50 day simple moving average is $45.58 and its 200 day simple moving average is $44.10.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The business had revenue of $184.48 million for the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. As a group, equities research analysts forecast that NBT Bancorp will post 4.15 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, June 1st. NBT Bancorp’s dividend payout ratio (DPR) is presently 42.17%.

About NBT Bancorp

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.