NBT Bancorp (NASDAQ:NBTB) Announces Earnings Results

NBT Bancorp (NASDAQ:NBTB) released its earnings results on Monday. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06, FiscalAI reports. The firm had revenue of $185.14 million during the quarter, compared to analyst estimates of $183.63 million. NBT Bancorp had a net margin of 17.24% and a return on equity of 10.35%.

NBT Bancorp Stock Performance

NBTB stock traded up $0.26 during trading on Monday, reaching $43.91. The stock had a trading volume of 172,967 shares, compared to its average volume of 182,877. The firm has a market cap of $2.30 billion, a PE ratio of 14.64 and a beta of 0.50. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average is $42.56 and its two-hundred day moving average is $42.30. NBT Bancorp has a 52 week low of $37.31 and a 52 week high of $49.18.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Timothy E. Delaney purchased 10,000 shares of NBT Bancorp stock in a transaction dated Thursday, November 6th. The stock was purchased at an average price of $40.98 per share, with a total value of $409,800.00. Following the transaction, the director directly owned 51,885 shares of the company’s stock, valued at $2,126,247.30. This trade represents a 23.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in shares of NBT Bancorp by 22.3% during the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock worth $1,729,000 after acquiring an additional 7,349 shares during the last quarter. AQR Capital Management LLC raised its holdings in 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. increased its position in 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 buying an additional 1,197 shares in 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 buying an additional 22,655 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock worth $3,787,000 after buying an additional 81,432 shares during the period. 58.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NBTB has been the topic of a number of recent research reports. Janney Montgomery Scott raised NBT Bancorp to a “strong-buy” rating in a research note on Wednesday, October 22nd. DA Davidson downgraded shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Piper Sandler set a $47.00 price objective on shares of NBT Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of NBT Bancorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, NBT Bancorp currently has an average rating of “Moderate Buy” and an average price target of $51.25.

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.