NBT Bancorp (NASDAQ:NBTB) Shares Gap Down on Disappointing Earnings

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $48.70, but opened at $47.71. NBT Bancorp shares last traded at $45.96, with a volume of 36,048 shares changing hands.

The bank reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period last year, the business earned $0.72 EPS.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, March 3rd. NBT Bancorp’s dividend payout ratio (DPR) is 45.95%.

Wall Street Analysts Forecast Growth

NBTB has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens upgraded shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a report on Wednesday. StockNews.com downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, DA Davidson started coverage on shares of NBT Bancorp in a report on Thursday, December 12th. They set a “neutral” rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, NBT Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Insider Activity

In other news, Director Timothy E. Delaney sold 40,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $51.47, for a total value of $2,058,800.00. Following the completion of the sale, the director now directly owns 38,853 shares of the company’s stock, valued at approximately $1,999,763.91. This represents a 50.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Amy Wiles sold 500 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $51.31, for a total transaction of $25,655.00. Following the completion of the sale, the executive vice president now directly owns 27,409 shares of the company’s stock, valued at approximately $1,406,355.79. This trade represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,694 shares of company stock worth $3,139,185. 3.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

A number of institutional investors have recently added to or reduced their stakes in NBTB. Geode Capital Management LLC grew its stake in shares of NBT Bancorp by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock valued at $49,477,000 after purchasing an additional 10,628 shares during the period. Charles Schwab Investment Management Inc. boosted its position in NBT Bancorp by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 585,636 shares of the bank’s stock valued at $25,903,000 after buying an additional 7,294 shares during the last quarter. Eagle Asset Management Inc. increased its position in NBT Bancorp by 76.3% in the third quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after purchasing an additional 163,952 shares during the period. Ceredex Value Advisors LLC raised its stake in shares of NBT Bancorp by 40.9% during the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after buying an additional 89,800 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of NBT Bancorp during the 4th quarter valued at $12,007,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Up 2.0 %

The firm has a market cap of $2.22 billion, a P/E ratio of 16.56 and a beta of 0.53. The business has a fifty day moving average of $48.77 and a 200 day moving average of $47.01. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17.

About NBT Bancorp

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 indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.