NBT Bancorp (NASDAQ:NBTB) Upgraded to Hold at StockNews.com

NBT Bancorp (NASDAQ:NBTB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

A number of other analysts also recently issued reports on NBTB. DA Davidson initiated coverage on shares of NBT Bancorp in a report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price objective on the stock. 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. Finally, Keefe, Bruyette & Woods increased their price objective 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. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, NBT Bancorp has an average rating of “Moderate Buy” and a consensus price target of $48.17.

NBT Bancorp Stock Performance

NBTB opened at $48.46 on Thursday. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 17.06 and a beta of 0.52. The business’s 50-day moving average price is $48.01 and its two-hundred day moving average price is $44.78. NBT Bancorp has a 1 year low of $32.79 and a 1 year high of $52.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87.

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

Insider Transactions at NBT Bancorp

In related news, EVP Amy Wiles sold 1,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $50.10, for a total value of $50,100.00. Following the sale, the executive vice president now owns 27,909 shares in the company, valued at approximately $1,398,240.90. This represents a 3.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John H. Watt, Jr. sold 10,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $49.40, for a total value of $494,000.00. Following the sale, the director now directly owns 125,301 shares of the company’s stock, valued at $6,189,869.40. This represents a 7.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 81,694 shares of company stock worth $4,048,185 in the last ninety days. Insiders own 3.32% of the company’s stock.

Institutional Trading of NBT Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in NBT Bancorp by 540.2% during the second quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock worth $27,147,000 after acquiring an additional 593,436 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of NBT Bancorp by 36.7% during the second quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock worth $24,307,000 after purchasing an additional 169,180 shares during the period. Eagle Asset Management Inc. lifted its holdings in NBT Bancorp by 76.3% during 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 during the last quarter. Deprince Race & Zollo Inc. boosted its stake in NBT Bancorp by 14.9% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock valued at $31,978,000 after purchasing an additional 107,404 shares during the period. Finally, Ceredex Value Advisors LLC grew its holdings in NBT Bancorp by 40.9% in the 3rd quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock valued at $13,680,000 after buying an additional 89,800 shares in the last quarter. Institutional investors own 58.46% of the company’s stock.

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.