NBT Bancorp (NBTB) Cut to “Hold” at BidaskClub

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

Several other equities analysts have also issued reports on the company. Boenning Scattergood restated a “hold” rating on shares of NBT Bancorp in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded NBT Bancorp from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, August 29th. Five analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus target price of $39.50.

NBTB opened at $36.37 on Friday. 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 1 year low of $34.05 and a 1 year high of $41.88. The company has a market cap of $1.59 billion, a P/E ratio of 18.46 and a beta of 0.82.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, October 22nd. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. NBT Bancorp had a return on equity of 10.91% and a net margin of 21.87%. The business had revenue of $110.91 million for the quarter, compared to analyst estimates of $110.87 million. During the same period last year, the company earned $0.52 EPS. NBT Bancorp’s revenue for the quarter was up 8.0% compared to the same quarter last year. Research analysts forecast that NBT Bancorp will post 2.55 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of NBT Bancorp by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,353,893 shares of the bank’s stock worth $167,102,000 after buying an additional 85,263 shares during the last quarter. Morgan Stanley grew its position in shares of NBT Bancorp by 25.9% in the 3rd quarter. Morgan Stanley now owns 213,916 shares of the bank’s stock worth $8,211,000 after buying an additional 43,970 shares during the last quarter. Legal & General Group Plc grew its position in shares of NBT Bancorp by 7.0% in the 3rd quarter. Legal & General Group Plc now owns 100,894 shares of the bank’s stock worth $3,865,000 after buying an additional 6,576 shares during the last quarter. Teachers Advisors LLC grew its position in shares of NBT Bancorp by 4.5% in the 3rd quarter. Teachers Advisors LLC now owns 83,886 shares of the bank’s stock worth $3,220,000 after buying an additional 3,590 shares during the last quarter. Finally, Resources Management Corp CT ADV bought a new stake in shares of NBT Bancorp in the 3rd quarter worth approximately $575,000. Hedge funds and other institutional investors own 53.04% 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.

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