NBT Bancorp (NASDAQ:NBTB) Issues Earnings Results, Misses Estimates By $0.01 EPS

NBT Bancorp (NASDAQ:NBTB) posted its quarterly earnings results on Monday. The bank reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01), FiscalAI reports. The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.

NBT Bancorp Price Performance

Shares of NASDAQ:NBTB opened at $52.52 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.73 billion, a PE ratio of 14.96 and a beta of 0.48. The stock’s fifty day simple moving average is $48.51 and its two-hundred day simple moving average is $45.50. NBT Bancorp has a 1-year low of $39.19 and a 1-year high of $53.33.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s payout ratio is currently 42.17%.

Insider Buying and Selling at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction 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 directly owned 16,428 shares in the company, valued at approximately $765,544.80. This trade represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Heidi M. Hoeller sold 2,100 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. This represents a 15.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.99% of the company’s stock.

Institutional Trading of NBT Bancorp

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock valued at $1,729,000 after acquiring an additional 7,349 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock worth $585,000 after purchasing an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NBT Bancorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after purchasing an additional 1,197 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in NBT Bancorp by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock valued at $7,102,000 after purchasing an additional 22,655 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after purchasing an additional 81,432 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler boosted their price objective on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of NBT Bancorp in a report on Tuesday, July 21st. DA Davidson reissued a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a research report on Monday, April 27th. Finally, Hovde Group decreased their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.50.

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.