NBT Bancorp (NASDAQ:NBTB) Announces Earnings Results

NBT Bancorp (NASDAQ:NBTB) announced its earnings results on Thursday. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01), FiscalAI reports. NBT Bancorp had a return on equity of 10.86% and a net margin of 18.67%.The firm had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $185.36 million.

NBT Bancorp Trading Up 1.3%

Shares of NBT Bancorp stock traded up $0.57 on Thursday, hitting $45.29. 140,709 shares of the company traded hands, compared to its average volume of 225,964. The stock’s 50 day moving average price is $43.45 and its 200-day moving average price is $42.74. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. NBT Bancorp has a 52 week low of $39.19 and a 52 week high of $46.92. The company has a market cap of $2.36 billion, a PE ratio of 13.72 and a beta of 0.47.

NBT Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. NBT Bancorp’s dividend payout ratio (DPR) is 44.85%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NBTB shares. Brean Capital lowered shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Weiss Ratings upgraded NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Janney Montgomery Scott downgraded shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. DA Davidson assumed coverage on shares of NBT Bancorp in a report on Wednesday, February 25th. They set a “buy” rating and a $54.00 price objective for the company. Finally, Piper Sandler started coverage on NBT Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $50.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.00.

Insider Activity at NBT Bancorp

In other news, Director Timothy E. Delaney acquired 22,730 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The shares were bought at an average price of $42.97 per share, with a total value of $976,708.10. Following the completion of the purchase, the director directly owned 74,615 shares in the company, valued at $3,206,206.55. This trade represents a 43.81% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total value of $202,768.20. Following the sale, the executive vice president directly owned 21,500 shares of the company’s stock, valued at approximately $982,980. This trade represents a 17.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV boosted its stake in shares of NBT Bancorp by 10.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 36,266 shares of the bank’s stock valued at $1,506,000 after purchasing an additional 3,378 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of NBT Bancorp by 6.3% in the 4th quarter. Voloridge Investment Management LLC now owns 27,823 shares of the bank’s stock valued at $1,155,000 after acquiring an additional 1,645 shares during the period. Numerai GP LLC raised its position in shares of NBT Bancorp by 4.3% in the 4th quarter. Numerai GP LLC now owns 37,115 shares of the bank’s stock worth $1,541,000 after acquiring an additional 1,524 shares in the last quarter. Occudo Quantitative Strategies LP boosted its position in NBT Bancorp by 87.4% during the fourth quarter. Occudo Quantitative Strategies LP now owns 23,924 shares of the bank’s stock valued at $993,000 after purchasing an additional 11,161 shares in the last quarter. Finally, Man Group plc purchased a new position in NBT Bancorp in the fourth quarter valued at about $206,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

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.