NBT Bancorp (NASDAQ:NBTB) Hits New 12-Month High – Still a Buy?

NBT Bancorp Inc. (NASDAQ:NBTB) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $48.83 and last traded at $48.7350, with a volume of 59114 shares changing hands. The stock had previously closed at $48.10.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. DA Davidson reissued a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a report on Monday, April 27th. Hovde Group reduced 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 report on Monday, April 27th. Finally, Piper Sandler began coverage on shares of NBT Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $50.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, NBT Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.50.

NBT Bancorp Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $2.54 billion, a P/E ratio of 13.90 and a beta of 0.49. The firm has a 50 day moving average price of $45.67 and a two-hundred day moving average price of $44.18.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The firm had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.35 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. On average, analysts predict that NBT Bancorp Inc. will post 4.15 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 annualized dividend and a yield of 3.0%. NBT Bancorp’s dividend payout ratio (DPR) is 42.17%.

Insider Buying and Selling

In other news, Director Heidi M. Hoeller sold 2,100 shares of the firm’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 of the company’s stock, valued at $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction on Friday, June 5th. The shares were sold at an average price of $46.60, for a total value of $233,000.00. Following the completion of the transaction, the executive vice president owned 16,428 shares of the company’s stock, valued at approximately $765,544.80. This trade represents a 23.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.99% of the stock is currently owned by insiders.

Institutional Trading of NBT Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after purchasing an additional 609 shares during the period. Larson Financial Group LLC increased its position in shares of NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after buying an additional 799 shares during the period. Bessemer Group Inc. lifted its holdings in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after buying an additional 324 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of NBT Bancorp in the first quarter worth about $37,000. Finally, Global Retirement Partners LLC boosted its position in shares of NBT Bancorp by 62.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock valued at $43,000 after acquiring an additional 399 shares during the period. 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.