BidaskClub Downgrades NBT Bancorp (NBTB) to Sell

NBT Bancorp (NASDAQ:NBTB) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday.

Other analysts also recently issued reports about the company. Zacks Investment Research raised NBT Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research note on Thursday, October 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $38.00 target price on shares of NBT Bancorp in a research note on Tuesday, October 3rd. Boenning Scattergood reissued a “hold” rating on shares of NBT Bancorp in a research note on Wednesday, January 24th. Finally, Sandler O’Neill set a $38.00 target price on NBT Bancorp and gave the stock a “hold” rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the stock. NBT Bancorp currently has a consensus rating of “Hold” and an average price target of $38.25.

Shares of NBT Bancorp (NBTB) opened at $36.91 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.85. The company has a market capitalization of $1,618.30, a P/E ratio of 19.74 and a beta of 0.89. NBT Bancorp has a one year low of $31.28 and a one year high of $42.28.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, January 22nd. The bank reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.03). The company had revenue of $104.92 million for the quarter, compared to analysts’ expectations of $103.52 million. NBT Bancorp had a net margin of 19.07% and a return on equity of 9.16%. During the same period in the prior year, the company earned $0.45 earnings per share. equities research analysts predict that NBT Bancorp will post 2.3 earnings per share for the current year.

NBT Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, October 23rd that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

In other news, Director Robert A. Wadsworth sold 1,625 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $37.20, for a total transaction of $60,450.00. Following the completion of the transaction, the director now directly owns 16,194 shares of the company’s stock, valued at approximately $602,416.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Michael J. Chewens sold 4,190 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $38.41, for a total value of $160,937.90. Following the transaction, the chief financial officer now directly owns 59,443 shares of the company’s stock, valued at $2,283,205.63. The disclosure for this sale can be found here. Corporate insiders own 3.07% of the company’s stock.

Several hedge funds have recently modified their holdings of NBTB. Vanguard Group Inc. increased its stake 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 purchasing an additional 30,239 shares in the last quarter. Susquehanna International Group LLP increased its stake 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 purchasing an additional 8,224 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in NBT Bancorp by 24.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock valued at $9,994,000 after purchasing an additional 53,832 shares in the last quarter. Northern Trust Corp increased its stake in NBT Bancorp by 1.4% in the 2nd quarter. Northern Trust Corp now owns 1,103,970 shares of the bank’s stock valued at $40,792,000 after purchasing an additional 14,921 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in NBT Bancorp in the 2nd quarter valued at approximately $347,000. 49.48% of the stock is owned by institutional investors and hedge funds.

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About NBT Bancorp

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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