NBT Bancorp (NASDAQ:NBTB) Upgraded at DA Davidson

DA Davidson upgraded shares of NBT Bancorp (NASDAQ:NBTB) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

NBTB has been the topic of a number of other research reports. Stephens reiterated an “equal weight” rating and issued a $49.00 price target on shares of NBT Bancorp in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods boosted their price objective on NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com upgraded NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.17.

NBT Bancorp Price Performance

NASDAQ:NBTB opened at $51.66 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 12-month low of $32.79 and a 12-month high of $52.31. The stock’s 50 day moving average price is $47.50 and its two-hundred day moving average price is $44.35. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 18.19 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. The business had revenue of $202.00 million for the quarter, compared to analysts’ expectations of $144.70 million. During the same quarter in the prior year, the business earned $0.84 EPS. On average, analysts anticipate that NBT Bancorp will post 2.94 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.34 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.63%. NBT Bancorp’s payout ratio is 47.89%.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Jack H. Webb sold 10,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $50.06, for a total transaction of $500,600.00. Following the completion of the sale, the director now directly owns 45,018 shares in the company, valued at $2,253,601.08. This represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Amy Wiles sold 556 shares of NBT Bancorp stock in a transaction on Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the completion of the transaction, the executive vice president now owns 28,909 shares in the company, valued at approximately $1,300,905. The trade was a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,750 shares of company stock worth $5,390,950. Company insiders own 3.32% of the company’s stock.

Institutional Trading of NBT Bancorp

Several institutional investors and hedge funds have recently modified their holdings of NBTB. GAMMA Investing LLC lifted its stake in NBT Bancorp by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 778 shares of the bank’s stock valued at $34,000 after purchasing an additional 252 shares during the last quarter. US Bancorp DE acquired a new position in shares of NBT Bancorp during the third quarter worth $57,000. Quest Partners LLC bought a new position in shares of NBT Bancorp in the 3rd quarter valued at $57,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of NBT Bancorp during the 3rd quarter valued at $103,000. Finally, AQR Capital Management LLC bought a new stake in NBT Bancorp during the 2nd quarter worth $214,000. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.