NBT Bancorp Inc. (NASDAQ:NBTB) Given Consensus Recommendation of “Hold” by Brokerages

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have been given an average recommendation of “Hold” by the eight ratings firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $54.10.

Several brokerages have recently commented on NBTB. Piper Sandler boosted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Wall Street Zen downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Saturday. Hovde Group reduced their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research report on Monday, April 27th. Finally, DA Davidson upped their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th.

Insider Buying and Selling

In other NBT Bancorp news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp 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 owned 11,560 shares in the company, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sarah A. Halliday sold 9,000 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president directly owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,600 shares of company stock worth $1,064,573 in the last three months. Insiders own 2.99% of the company’s stock.

Institutional Trading of NBT Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in NBTB. Royal Bank of Canada raised its holdings in shares of 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 buying an additional 7,349 shares during the last quarter. AQR Capital Management LLC increased its position in NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of NBT Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after acquiring an additional 1,197 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 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 worth $7,102,000 after acquiring an additional 22,655 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of NBT Bancorp by 1,188.4% during the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock worth $3,787,000 after purchasing an additional 81,432 shares in the last quarter. 58.46% of the stock is currently owned by institutional investors and hedge funds.

NBT Bancorp Trading Down 0.5%

NBTB stock opened at $53.29 on Tuesday. NBT Bancorp has a 1-year low of $39.19 and a 1-year high of $54.50. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $50.69 and its 200-day moving average is $46.53. The firm has a market cap of $2.77 billion, a P/E ratio of 13.03 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. Equities analysts anticipate that NBT Bancorp will post 4.15 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend 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 dividend payout ratio (DPR) is presently 36.19%.

NBT Bancorp Company Profile

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.