Stephens Reaffirms “Equal Weight” Rating for NBT Bancorp (NASDAQ:NBTB)

Stephens reiterated their equal weight rating on shares of NBT Bancorp (NASDAQ:NBTB) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $49.00 target price on the bank’s stock.

Separately, Raymond James downgraded shares of NBT Bancorp from an outperform rating to a market perform rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, NBT Bancorp currently has a consensus rating of Hold and an average price target of $42.60.

NBT Bancorp Price Performance

NASDAQ NBTB opened at $44.83 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. The company has a fifty day simple moving average of $45.86 and a 200 day simple moving average of $39.38. The company has a market cap of $2.11 billion, a P/E ratio of 17.31 and a beta of 0.50. NBT Bancorp has a 1 year low of $30.31 and a 1 year high of $50.83.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). The firm had revenue of $194.00 million for the quarter, compared to the consensus estimate of $139.02 million. NBT Bancorp had a return on equity of 9.64% and a net margin of 16.15%. During the same period in the prior year, the company posted $0.80 earnings per share. On average, sell-side analysts predict that NBT Bancorp will post 2.86 EPS for the current year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.34 dividend. The ex-dividend date was Friday, August 30th. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a yield of 3.03%. NBT Bancorp’s dividend payout ratio is 52.51%.

Insider Buying and Selling at NBT Bancorp

In other NBT Bancorp news, EVP Martin Randolph Sparks sold 1,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.37, for a total value of $48,370.00. Following the completion of the sale, the executive vice president now directly owns 15,003 shares of the company’s stock, valued at approximately $725,695.11. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director V Daniel Robinson II sold 20,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $44.10, for a total value of $882,000.00. Following the completion of the transaction, the director now owns 517,558 shares in the company, valued at approximately $22,824,307.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Martin Randolph Sparks sold 1,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.37, for a total transaction of $48,370.00. Following the completion of the transaction, the executive vice president now owns 15,003 shares of the company’s stock, valued at approximately $725,695.11. The disclosure for this sale can be found here. Insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund increased its position in shares of NBT Bancorp by 5.3% during the 4th quarter. New York State Common Retirement Fund now owns 18,300 shares of the bank’s stock worth $767,000 after purchasing an additional 926 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of NBT Bancorp by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 530,209 shares of the bank’s stock worth $22,221,000 after purchasing an additional 25,528 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of NBT Bancorp by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,173,297 shares of the bank’s stock worth $91,086,000 after purchasing an additional 17,039 shares in the last quarter. Beacon Pointe Advisors LLC increased its position in shares of NBT Bancorp by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 18,103 shares of the bank’s stock worth $759,000 after purchasing an additional 394 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of NBT Bancorp during the 4th quarter worth about $12,547,000. 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.