BidaskClub Lowers NBT Bancorp (NBTB) to Hold

NBT Bancorp (NASDAQ:NBTB) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

NBTB has been the topic of several other reports. Piper Jaffray Companies reiterated a “hold” rating and issued a $35.00 target price on shares of NBT Bancorp in a report on Sunday, September 17th. Zacks Investment Research cut NBT Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, September 2nd. Boenning Scattergood upgraded NBT Bancorp from an “under perform” rating to a “neutral” rating in a report on Tuesday, August 15th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $38.00 price target on shares of NBT Bancorp in a report on Tuesday, October 3rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.67.

Shares of NBT Bancorp (NASDAQ:NBTB) traded down $0.10 during mid-day trading on Thursday, reaching $38.04. The company had a trading volume of 94,968 shares, compared to its average volume of 117,717. NBT Bancorp has a 1-year low of $31.28 and a 1-year high of $42.56. The company has a market capitalization of $1,664.01, a PE ratio of 19.91 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.83 and a quick ratio of 0.83.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. The business had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. During the same period in the prior year, the business posted $0.46 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. sell-side analysts predict that NBT Bancorp will post 2 earnings per share for the current year.

NBT Bancorp declared that its Board of Directors has authorized a share repurchase program on Monday, October 23rd that permits the company to buyback 1,000,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, Director V Daniel Robinson II sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $38.56, for a total transaction of $964,000.00. Following the transaction, the director now directly owns 10,141 shares of the company’s stock, valued at $391,036.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 65,000 shares of company stock worth $2,509,900 over the last ninety days. 3.07% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in NBT Bancorp by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 815,177 shares of the bank’s stock valued at $30,121,000 after buying an additional 18,462 shares during the last quarter. NBT Bank N A NY raised its position in NBT Bancorp by 1.6% in the 2nd quarter. NBT Bank N A NY now owns 250,889 shares of the bank’s stock valued at $9,271,000 after buying an additional 3,838 shares during the last quarter. Vanguard Group Inc. raised its position in NBT Bancorp by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 4,097,601 shares of the bank’s stock valued at $151,407,000 after buying an additional 30,239 shares during the last quarter. Susquehanna International Group LLP raised its position in NBT Bancorp by 822.4% in the 2nd quarter. Susquehanna International Group LLP now owns 9,224 shares of the bank’s stock valued at $341,000 after buying an additional 8,224 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in NBT Bancorp by 52.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 30,805 shares of the bank’s stock valued at $1,139,000 after buying an additional 10,597 shares during the last quarter. 49.45% of the stock is currently owned by institutional investors.

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NBT Bancorp Company Profile

NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.

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