NBT Bancorp (NASDAQ:NBTB) Price Target Raised to $55.00

NBT Bancorp (NASDAQ:NBTB) had its target price increased by Keefe, Bruyette & Woods from $50.00 to $55.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

Several other research firms have also commented on NBTB. StockNews.com lowered NBT Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 27th. Stephens reaffirmed an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, NBT Bancorp presently has a consensus rating of “Hold” and a consensus target price of $45.80.

NBT Bancorp Trading Up 0.9 %

Shares of NASDAQ:NBTB opened at $50.06 on Wednesday. The business’s 50-day moving average is $46.87 and its 200 day moving average is $43.98. NBT Bancorp has a 1 year low of $32.79 and a 1 year high of $52.31. The firm has a market capitalization of $2.36 billion, a P/E ratio of 17.63 and a beta of 0.52. 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 quarterly earnings data on Monday, October 28th. The bank reported $0.80 earnings per share 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 period in the prior year, the company earned $0.84 earnings per share. On average, research analysts predict that NBT Bancorp will post 2.91 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.36 annualized dividend and a yield of 2.72%. NBT Bancorp’s dividend payout ratio (DPR) is 47.89%.

Insiders Place Their Bets

In other news, Director Jack H. Webb sold 10,000 shares of NBT Bancorp stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $50.06, for a total value of $500,600.00. Following the completion of the sale, the director now directly owns 45,018 shares of the company’s stock, valued at approximately $2,253,601.08. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director V Daniel Robinson II sold 20,000 shares of NBT Bancorp 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 of the company’s stock, valued at approximately $22,824,307.80. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 182,556 shares of company stock valued at $8,540,290 over the last quarter. 3.32% of the stock is owned by insiders.

Institutional Trading of NBT Bancorp

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in shares of NBT Bancorp by 2.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,297,333 shares of the bank’s stock valued at $88,675,000 after purchasing an additional 46,498 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of NBT Bancorp by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock valued at $49,477,000 after purchasing an additional 10,628 shares during the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of 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 last quarter. Victory Capital Management Inc. lifted its holdings in shares of NBT Bancorp by 540.2% in the 2nd quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock valued at $27,147,000 after purchasing an additional 593,436 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of NBT Bancorp by 36.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock valued at $24,307,000 after purchasing an additional 169,180 shares during the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

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.