NBT Bancorp (NASDAQ:NBTB) Research Coverage Started at DA Davidson

DA Davidson initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research note released on Thursday,Benzinga reports. The brokerage issued a neutral rating and a $60.00 target price on the bank’s stock.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens reissued an “equal weight” rating and set a $49.00 price target on shares of NBT Bancorp in a research note on Tuesday, September 10th. Finally, StockNews.com raised NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, December 10th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.17.

NBT Bancorp Price Performance

Shares of NBTB opened at $51.66 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average is $47.67 and its two-hundred day moving average is $44.51. NBT Bancorp has a twelve month low of $32.79 and a twelve month high of $52.31. The firm has a market capitalization of $2.44 billion, a PE ratio of 18.19 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, topping 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 firm had revenue of $202.00 million for the quarter, compared to analyst estimates of $144.70 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. Research analysts anticipate that NBT Bancorp will post 2.94 earnings per share for the current year.

NBT Bancorp Announces Dividend

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

Insiders Place Their Bets

In related news, Director Jack H. Webb sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $50.06, for a total transaction of $500,600.00. Following the sale, the director now owns 45,018 shares in the company, valued at approximately $2,253,601.08. This trade represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director V Daniel Robinson II sold 30,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $44.78, for a total value of $1,343,400.00. Following the completion of the transaction, the director now owns 387,558 shares of the company’s stock, valued at $17,354,847.24. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,750 shares of company stock valued at $5,390,950. Corporate insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Eagle Asset Management Inc. raised its stake in NBT Bancorp by 76.3% during the third quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after purchasing an additional 163,952 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of NBT Bancorp in the 3rd quarter valued at about $439,000. Edgestream Partners L.P. acquired a new stake in NBT Bancorp during the 2nd quarter worth approximately $1,974,000. Ceredex Value Advisors LLC raised its holdings in NBT Bancorp by 2.6% in the second quarter. Ceredex Value Advisors LLC now owns 219,500 shares of the bank’s stock valued at $8,473,000 after buying an additional 5,500 shares during the period. Finally, Raymond James & Associates lifted its position in NBT Bancorp by 3.9% during the third quarter. Raymond James & Associates now owns 95,062 shares of the bank’s stock valued at $4,205,000 after buying an additional 3,540 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

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.