NBT Bancorp’s (NBTB) Overweight Rating Reaffirmed at Piper Sandler

NBT Bancorp (NASDAQ:NBTB)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $61.00 price objective on the bank’s stock, down from their previous price objective of $62.00. Piper Sandler‘s price objective suggests a potential upside of 14.61% from the company’s current price.

NBTB has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research report on Monday, October 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $55.00 price target (down from $58.00) on shares of NBT Bancorp in a research note on Friday. DA Davidson set a $62.00 price target on NBT Bancorp in a research report on Thursday. Stephens lowered NBT Bancorp from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Finally, Wall Street Zen raised NBT Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, NBT Bancorp has a consensus rating of “Hold” and a consensus price target of $55.90.

NBT Bancorp Stock Performance

NBTB traded up $1.03 during trading on Monday, hitting $53.23. The stock had a trading volume of 79,412 shares, compared to its average volume of 297,080. The company has a 50 day moving average price of $51.35 and a 200-day moving average price of $47.68. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 12.78 and a beta of 0.49. NBT Bancorp has a one year low of $39.44 and a one year high of $54.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Tuesday, October 27th. The bank reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The company had revenue of $195.03 million during the quarter, compared to the consensus estimate of $193.83 million. NBT Bancorp had a return on equity of 11.28% and a net margin of 22.87%. As a group, research analysts predict that NBT Bancorp will post 4.18 EPS for the current year.

Hedge Funds Weigh In On NBT Bancorp

Institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC lifted its position in shares of NBT Bancorp by 11.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 150,208 shares of the bank’s stock worth $7,534,000 after buying an additional 14,894 shares during the last quarter. ProShare Advisors LLC raised its stake in NBT Bancorp by 34.0% during the third quarter. ProShare Advisors LLC now owns 197,314 shares of the bank’s stock worth $9,897,000 after acquiring an additional 50,079 shares in the last quarter. John Boyer Inc. acquired a new position in NBT Bancorp during the third quarter worth about $52,000. NBT Bank N.A. acquired a new stake in shares of NBT Bancorp in the 3rd quarter valued at approximately $13,327,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of NBT Bancorp by 7.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,622 shares of the bank’s stock valued at $182,000 after purchasing an additional 254 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.