NBT Bancorp Inc. (NASDAQ:NBTB) has been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $38.88.
NBTB has been the topic of a number of research reports. Zacks Investment Research downgraded shares of NBT Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, December 23rd. BidaskClub downgraded shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. Sandler O’Neill set a $38.00 price objective on shares of NBT Bancorp and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Boenning Scattergood reissued a “hold” rating on shares of NBT Bancorp in a report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $40.50 price objective on shares of NBT Bancorp in a report on Monday, February 5th.
In other NBT Bancorp news, Director Robert A. Wadsworth sold 1,625 shares of NBT Bancorp stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $37.20, for a total transaction of $60,450.00. Following the transaction, the director now owns 16,194 shares of the company’s stock, valued at $602,416.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael J. Chewens sold 4,190 shares of NBT Bancorp stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $38.41, for a total transaction of $160,937.90. Following the transaction, the chief financial officer now directly owns 59,443 shares in the company, valued at approximately $2,283,205.63. The disclosure for this sale can be found here. 3.07% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc purchased a new position in shares of NBT Bancorp in the fourth quarter worth $208,000. Amalgamated Bank lifted its holdings in shares of NBT Bancorp by 1.1% in the second quarter. Amalgamated Bank now owns 5,814 shares of the bank’s stock worth $215,000 after buying an additional 66 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of NBT Bancorp in the second quarter worth $218,000. Crossmark Global Holdings Inc. purchased a new position in shares of NBT Bancorp in the third quarter worth $239,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of NBT Bancorp by 33.2% in the third quarter. Victory Capital Management Inc. now owns 6,650 shares of the bank’s stock worth $244,000 after buying an additional 1,657 shares in the last quarter. 49.75% of the stock is currently owned by hedge funds and other institutional investors.
NBT Bancorp (NBTB) traded up $0.59 on Friday, hitting $36.85. 811,167 shares of the company were exchanged, compared to its average volume of 119,738. 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 stock has a market capitalization of $1,578.68, a P/E ratio of 19.71 and a beta of 0.86. 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.03). The business had revenue of $104.92 million during the quarter, compared to analysts’ expectations of $103.52 million. NBT Bancorp had a return on equity of 9.16% and a net margin of 19.07%. During the same period in the previous year, the business posted $0.45 EPS. research analysts predict that NBT Bancorp will post 2.44 EPS for the current fiscal year.
NBT Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Monday, October 23rd that permits the company to buyback 1,000,000 outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Wednesday, February 28th. NBT Bancorp’s dividend payout ratio is currently 49.20%.
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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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