NBT Bancorp (NASDAQ:NBTB) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

NBTB has been the subject of several other research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $55.00 price target (down from $58.00) on shares of NBT Bancorp in a research report on Friday, October 30th. DA Davidson set a $62.00 price objective on NBT Bancorp in a research report on Thursday, October 29th. Stephens downgraded NBT Bancorp from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a report on Monday, October 19th. Finally, Piper Sandler reissued an “overweight” rating and issued a $61.00 target price (down from $62.00) on shares of NBT Bancorp in a report on Monday, November 2nd. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $55.90.

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $52.83 on Friday. NBT Bancorp has a one year low of $39.44 and a one year high of $55.35. The company’s 50-day moving average is $51.50 and its 200 day moving average is $47.94. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.67 and a beta of 0.49. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Tuesday, October 27th. The bank reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.02. The business had revenue of $195.03 million during the quarter, compared to analyst estimates of $193.83 million. NBT Bancorp had a net margin of 22.87% and a return on equity of 11.28%. Sell-side analysts expect that NBT Bancorp will post 4.19 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. NBT Bancorp’s dividend payout ratio is currently 38.37%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NBTB. Public Employees Retirement System of Ohio bought a new stake in shares of NBT Bancorp during the 2nd quarter valued at about $32,000. Bessemer Group Inc. lifted its stake in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after purchasing an additional 324 shares during the period. Western Wealth Management LLC purchased a new position in shares of NBT Bancorp in the first quarter worth approximately $37,000. Nykredit A S purchased a new position in shares of NBT Bancorp in the second quarter worth approximately $45,000. Finally, Global Retirement Partners LLC purchased a new position in shares of NBT Bancorp in the second quarter worth approximately $49,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Company Profile

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.