NBT Bancorp (NASDAQ:NBTB) Shares Gap Down on Disappointing Earnings

NBT Bancorp Inc. (NASDAQ:NBTB)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $48.70, but opened at $47.71. NBT Bancorp shares last traded at $45.96, with a volume of 36,048 shares.

The bank reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period in the prior year, the firm earned $0.72 earnings per share.

NBT Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.95%. The ex-dividend date is Monday, March 3rd. NBT Bancorp’s payout ratio is 47.89%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. StockNews.com downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. DA Davidson assumed coverage on shares of NBT Bancorp in a research note on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.75.

Insider Activity

In other news, Director Timothy E. Delaney sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $51.47, for a total value of $2,058,800.00. Following the sale, the director now directly owns 38,853 shares of the company’s stock, valued at $1,999,763.91. The trade was a 50.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Amy Wiles sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $50.10, for a total value of $50,100.00. Following the transaction, the executive vice president now directly owns 27,909 shares of the company’s stock, valued at approximately $1,398,240.90. This trade represents a 3.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,694 shares of company stock valued at $3,139,185. Corporate insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in NBT Bancorp by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock worth $49,477,000 after buying an additional 10,628 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in NBT Bancorp by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 585,636 shares of the bank’s stock valued at $25,903,000 after acquiring an additional 7,294 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in shares of NBT Bancorp by 76.3% in the 3rd 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 in the last quarter. Ceredex Value Advisors LLC raised its stake in shares of NBT Bancorp by 40.9% in the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after purchasing an additional 89,800 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of NBT Bancorp during the fourth quarter valued at $12,007,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Price Performance

The firm has a fifty day moving average of $48.80 and a 200 day moving average of $47.01. 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 company has a market capitalization of $2.17 billion, a P/E ratio of 16.23 and a beta of 0.53.

About NBT Bancorp

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.