NBT Bancorp (NASDAQ:NBTB) Coverage Initiated at Hovde Group

Hovde Group initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a report released on Friday morning, MarketBeat Ratings reports. The firm issued a market perform rating and a $50.00 price objective on the bank’s stock.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of NBT Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Stephens raised shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 target price for the company in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods boosted their target price on shares of NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, DA Davidson initiated coverage on shares of NBT Bancorp in a research note on Thursday, December 12th. They issued a “neutral” rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, NBT Bancorp presently has an average rating of “Hold” and a consensus target price of $54.50.

NBT Bancorp Price Performance

NBT Bancorp stock opened at $42.80 on Friday. NBT Bancorp has a 52 week low of $32.93 and a 52 week high of $52.44. 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 firm’s 50-day simple moving average is $46.54 and its 200 day simple moving average is $46.87. The firm has a market capitalization of $2.02 billion, a PE ratio of 14.46 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings data on Monday, January 27th. The bank reported $0.77 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.01). NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. During the same quarter in the previous year, the business earned $0.72 earnings per share. On average, equities research analysts predict that NBT Bancorp will post 3.69 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Monday, March 3rd. NBT Bancorp’s dividend payout ratio is currently 45.95%.

Insider Activity

In related news, Director Heidi M. Hoeller acquired 678 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was bought at an average price of $48.45 per share, with a total value of $32,849.10. Following the purchase, the director now directly owns 6,437 shares in the company, valued at $311,872.65. The trade was a 11.77 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sarah A. Halliday sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $48.45, for a total transaction of $242,250.00. Following the sale, the executive vice president now directly owns 25,564 shares of the company’s stock, valued at approximately $1,238,575.80. This trade represents a 16.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of NBT Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of NBTB. Leigh Baldwin & CO. LLC acquired a new stake in NBT Bancorp during the 4th quarter worth approximately $52,606,000. Silvercrest Asset Management Group LLC acquired a new stake in NBT Bancorp during the 4th quarter worth approximately $38,978,000. Raymond James Financial Inc. acquired a new stake in NBT Bancorp during the 4th quarter worth approximately $23,651,000. JPMorgan Chase & Co. increased its position in NBT Bancorp by 307.0% during the 4th quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank’s stock worth $17,998,000 after purchasing an additional 284,267 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in NBT Bancorp during the 4th quarter worth approximately $12,007,000. 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.