Zacks Investment Research cut shares of NBT Bancorp (NASDAQ:NBTB) from a buy rating to a strong sell rating in a research report sent to investors on Wednesday.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
A number of other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods restated a hold rating and issued a $40.50 target price on shares of NBT Bancorp in a report on Monday, February 5th. BidaskClub upgraded shares of NBT Bancorp from a sell rating to a hold rating in a report on Monday, February 5th. Boenning Scattergood reiterated a hold rating on shares of NBT Bancorp in a report on Wednesday, January 24th. Finally, 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. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. NBT Bancorp has an average rating of Hold and a consensus target price of $38.88.
NBT Bancorp (NASDAQ:NBTB) opened at $36.70 on Wednesday. The stock has a market cap of $1,585.21, a PE ratio of 18.48 and a beta of 0.86. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 0.20. NBT Bancorp has a 1-year low of $31.28 and a 1-year high of $42.28.
NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, January 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.03). The firm had revenue of $104.92 million during 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 quarter last year, the company posted $0.45 earnings per share. equities research analysts predict that NBT Bancorp will post 2.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be issued a dividend of $0.23 per share. The ex-dividend date is Wednesday, February 28th. This represents a $0.92 annualized dividend and a dividend yield of 2.51%. NBT Bancorp’s payout ratio is currently 49.20%.
In other news, Director Robert A. Wadsworth sold 1,625 shares of the stock in a transaction dated 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 directly owns 16,194 shares in the company, valued at approximately $602,416.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Michael J. Chewens sold 4,190 shares of the stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $38.41, for a total transaction of $160,937.90. Following the transaction, the chief financial officer now owns 59,443 shares in the company, 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.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its position in NBT Bancorp by 24.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock worth $9,994,000 after purchasing an additional 53,832 shares in the last quarter. JPMorgan Chase & Co. increased its position in NBT Bancorp by 29.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 98,734 shares of the bank’s stock worth $3,633,000 after purchasing an additional 22,362 shares in the last quarter. Wells Fargo & Company MN increased its position in NBT Bancorp by 39.6% during the 3rd quarter. Wells Fargo & Company MN now owns 61,329 shares of the bank’s stock worth $2,252,000 after purchasing an additional 17,399 shares in the last quarter. GSA Capital Partners LLP increased its position in NBT Bancorp by 530.8% during the 3rd quarter. GSA Capital Partners LLP now owns 37,142 shares of the bank’s stock worth $1,364,000 after purchasing an additional 31,254 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in NBT Bancorp by 2.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after purchasing an additional 42,291 shares in the last quarter. 50.67% of the stock is owned by hedge funds and other 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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