NBT Bancorp (NASDAQ:NBTB) Raised to Strong-Buy at DA Davidson

DA Davidson upgraded shares of NBT Bancorp (NASDAQ:NBTB) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Other research analysts have also issued reports about the stock. Stephens reissued an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a research note on Tuesday, September 10th. StockNews.com upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods raised their price objective on shares of NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, NBT Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.17.

NBT Bancorp Stock Down 0.0 %

Shares of NASDAQ:NBTB opened at $51.66 on Wednesday. NBT Bancorp has a 1 year low of $32.79 and a 1 year high of $52.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The business’s 50-day moving average is $47.50 and its 200-day moving average is $44.35. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 18.19 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, October 28th. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $202.00 million during the quarter, compared to the consensus estimate of $144.70 million. NBT Bancorp had a return on equity of 9.36% and a net margin of 17.37%. During the same period in the previous year, the company posted $0.84 earnings per share. Equities research analysts predict that NBT Bancorp will post 2.94 earnings per share for the current year.

NBT Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Monday, December 2nd. NBT Bancorp’s dividend payout ratio is 47.89%.

Insider Transactions at NBT Bancorp

In related news, EVP Amy Wiles sold 556 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $45.00, for a total transaction of $25,020.00. Following the completion of the sale, the executive vice president now directly owns 28,909 shares of the company’s stock, valued at approximately $1,300,905. This trade represents a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jack H. Webb sold 10,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $50.06, for a total value of $500,600.00. Following the completion of the transaction, the director now directly owns 45,018 shares in the company, valued at approximately $2,253,601.08. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,750 shares of company stock worth $5,390,950 in the last quarter. 3.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

Large investors have recently made changes to their positions in the business. 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 buying an additional 163,952 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of NBT Bancorp during the 3rd quarter valued at $439,000. Edgestream Partners L.P. purchased a new stake in NBT Bancorp during the second quarter valued at about $1,974,000. Ceredex Value Advisors LLC lifted its position in NBT Bancorp by 2.6% in the 2nd quarter. Ceredex Value Advisors LLC now owns 219,500 shares of the bank’s stock worth $8,473,000 after buying an additional 5,500 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of NBT Bancorp by 3.9% in the 3rd quarter. Raymond James & Associates now owns 95,062 shares of the bank’s stock worth $4,205,000 after acquiring an additional 3,540 shares during the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

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 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.