NBT Bancorp (NASDAQ:NBTB) Shares Gap Down After Earnings Miss

NBT Bancorp Inc. (NASDAQ:NBTB) shares 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 trading hands.

The bank reported $0.77 earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the company posted $0.72 earnings per share.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Monday, March 3rd. NBT Bancorp’s payout ratio is 45.95%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on NBTB shares. StockNews.com cut shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Stephens upgraded NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 price target on the stock in a research note on Wednesday. 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 research report on Wednesday, December 4th. Finally, DA Davidson started coverage on NBT Bancorp in a report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

Insider Buying and Selling at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $49.40, for a total value of $494,000.00. Following the completion of the sale, the director now directly owns 125,301 shares of the company’s stock, valued at $6,189,869.40. This trade represents a 7.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy E. Delaney sold 40,000 shares of NBT Bancorp stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $51.47, for a total value of $2,058,800.00. Following the completion of the sale, the director now owns 38,853 shares in the company, valued at approximately $1,999,763.91. This trade represents a 50.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 61,694 shares of company stock valued at $3,139,185 in the last ninety days. Insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC purchased a new stake in shares of NBT Bancorp during the 2nd quarter worth approximately $214,000. GAMMA Investing LLC lifted its position in NBT Bancorp by 47.9% during the third quarter. GAMMA Investing LLC now owns 778 shares of the bank’s stock worth $34,000 after buying an additional 252 shares during the period. Inspire Investing LLC boosted its position in shares of NBT Bancorp by 3.7% in the third quarter. Inspire Investing LLC now owns 9,378 shares of the bank’s stock worth $415,000 after acquiring an additional 331 shares during the last quarter. Raymond James & Associates grew its stake in shares of NBT Bancorp by 3.9% during the 3rd 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 during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in NBT Bancorp by 3.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 144,642 shares of the bank’s stock worth $6,398,000 after acquiring an additional 5,235 shares during the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Price Performance

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. The stock has a market cap of $2.22 billion, a PE ratio of 16.56 and a beta of 0.53. The company’s fifty day moving average is $48.77 and its 200 day moving average is $47.01.

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.