NBT Bancorp Inc. (NASDAQ:NBTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
Separately, Keefe, Bruyette & Woods lifted their price objective on shares of NBT Bancorp from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Friday, July 29th.
Shares of NBT Bancorp (NASDAQ:NBTB) opened at 32.31 on Wednesday. The firm has a 50-day moving average of $32.00 and a 200-day moving average of $29.27. The firm has a market cap of $1.39 billion, a PE ratio of 18.25 and a beta of 0.94. NBT Bancorp has a 52 week low of $23.81 and a 52 week high of $33.04.
NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 25th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.02. The firm had revenue of $95.39 million for the quarter. NBT Bancorp had a net margin of 19.38% and a return on equity of 8.79%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. On average, analysts expect that NBT Bancorp will post $1.80 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Tuesday, August 30th. This is a positive change from NBT Bancorp’s previous quarterly dividend of $0.22. NBT Bancorp’s payout ratio is 51.98%.
In other NBT Bancorp news, EVP Jeffrey M. Levy sold 31,000 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $29.83, for a total transaction of $924,730.00. Following the completion of the sale, the executive vice president now owns 57,139 shares in the company, valued at approximately $1,704,456.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin A. Dietrich sold 25,000 shares of the business’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $32.67, for a total transaction of $816,750.00. Following the sale, the chief executive officer now owns 191,345 shares of the company’s stock, valued at approximately $6,251,241.15. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.
A number of hedge funds have recently made changes to their positions in NBTB. Norges Bank acquired a new stake in shares of NBT Bancorp during the fourth quarter worth approximately $12,638,000. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of NBT Bancorp by 3.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,416 shares of the company’s stock worth $389,000 after buying an additional 475 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of NBT Bancorp by 5.9% in the first quarter. TIAA CREF Investment Management LLC now owns 152,770 shares of the company’s stock worth $4,117,000 after buying an additional 8,479 shares during the period. BlackRock Group LTD raised its stake in shares of NBT Bancorp by 3.8% in the first quarter. BlackRock Group LTD now owns 68,224 shares of the company’s stock worth $1,839,000 after buying an additional 2,517 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of NBT Bancorp by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,184,153 shares of the company’s stock worth $31,913,000 after buying an additional 8,379 shares during the period. Institutional investors and hedge funds own 46.02% of the company’s stock.
About NBT Bancorp
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and other subsidiaries, which provide 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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