NBT Bancorp (NASDAQ:NBTB) Upgraded by DA Davidson to “Strong-Buy” Rating

DA Davidson upgraded shares of NBT Bancorp (NASDAQ:NBTB) to a strong-buy rating in a report published on Wednesday,Zacks.com reports.

A number of other analysts have also issued reports on NBTB. StockNews.com raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Stephens reissued an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a research note on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.17.

NBT Bancorp Trading Up 0.2 %

NASDAQ NBTB opened at $51.68 on Wednesday. The firm’s 50 day moving average price is $47.50 and its two-hundred day moving average price is $44.35. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87. NBT Bancorp has a twelve month low of $32.79 and a twelve month high of $52.31. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 18.20 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. The firm 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 previous year, the firm earned $0.84 earnings per share. Equities analysts anticipate that NBT Bancorp will post 2.94 EPS for the current year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.63%. NBT Bancorp’s dividend payout ratio is currently 47.89%.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Timothy E. Delaney sold 40,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was 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 of the company’s stock, valued at $1,999,763.91. The trade was a 50.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Amy Wiles sold 556 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the transaction, the executive vice president now directly owns 28,909 shares in the company, valued at approximately $1,300,905. This represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,556 shares of company stock valued at $5,380,920. Insiders own 3.32% of the company’s stock.

Institutional Trading of NBT Bancorp

Several large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in NBT Bancorp by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 778 shares of the bank’s stock worth $34,000 after acquiring an additional 252 shares during the period. US Bancorp DE acquired a new stake in shares of NBT Bancorp in the third quarter valued at about $57,000. Quest Partners LLC bought a new position in shares of NBT Bancorp in the third quarter worth about $57,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NBT Bancorp during the 3rd quarter worth about $103,000. Finally, AQR Capital Management LLC bought a new stake in NBT Bancorp during the 2nd quarter valued at approximately $214,000. 58.46% of the stock is owned by 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.