BidaskClub Upgrades NBT Bancorp (NBTB) to “Hold”

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

A number of other equities analysts also recently weighed in on NBTB. Boenning Scattergood reissued a “neutral” rating on shares of NBT Bancorp in a research report on Friday, June 29th. Zacks Investment Research downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Five analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus target price of $41.83.

Shares of NASDAQ NBTB opened at $36.12 on Thursday. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 18.34 and a beta of 0.86. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.85 and a current ratio of 0.85. NBT Bancorp has a twelve month low of $34.05 and a twelve month high of $41.88.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, July 23rd. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $109.90 million for the quarter, compared to the consensus estimate of $108.45 million. NBT Bancorp had a return on equity of 10.30% and a net margin of 20.92%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, analysts anticipate that NBT Bancorp will post 2.53 earnings per share for the current fiscal year.

In other news, EVP Joseph R. Stagliano sold 5,500 shares of the business’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $41.45, for a total transaction of $227,975.00. Following the completion of the sale, the executive vice president now owns 59,737 shares in the company, valued at $2,476,098.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Sarah A. Halliday acquired 850 shares of NBT Bancorp stock in a transaction dated Friday, August 10th. The shares were purchased at an average price of $39.18 per share, with a total value of $33,303.00. Following the acquisition, the executive vice president now owns 5,712 shares of the company’s stock, valued at $223,796.16. The disclosure for this purchase can be found here. Insiders own 3.23% of the company’s stock.

Several large investors have recently modified their holdings of NBTB. BlackRock Inc. boosted its holdings in shares of NBT Bancorp by 6.1% during the second quarter. BlackRock Inc. now owns 6,022,871 shares of the bank’s stock worth $229,772,000 after acquiring an additional 344,106 shares during the period. Millennium Management LLC boosted its holdings in shares of NBT Bancorp by 34.7% during the first quarter. Millennium Management LLC now owns 261,943 shares of the bank’s stock worth $9,294,000 after acquiring an additional 67,485 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of NBT Bancorp by 2.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,148,956 shares of the bank’s stock worth $81,983,000 after acquiring an additional 44,075 shares during the period. WBI Investments Inc. bought a new stake in shares of NBT Bancorp during the second quarter worth approximately $1,082,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of NBT Bancorp by 19.4% during the first quarter. JPMorgan Chase & Co. now owns 158,446 shares of the bank’s stock worth $5,621,000 after acquiring an additional 25,794 shares during the period. Institutional investors own 52.29% of the company’s stock.

NBT Bancorp Company Profile

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 commercial, commercial real estate, agricultural, agricultural real estate, and business banking loans; consumer loans, such as indirect, home equity, and direct loans; and residential real estate mortgages, as well as real estate construction and development loans.

Further Reading: What Factors Can Affect Return on Equity?

Receive News & Ratings for NBT Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NBT Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply