NBT Bancorp (NASDAQ:NBTB) Now Covered by Analysts at Hovde Group

Hovde Group assumed coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research note published on Friday, MarketBeat Ratings reports. The firm issued a market perform rating and a $50.00 price target on the bank’s stock.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods lifted their target price on NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Stephens upgraded NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 target price for the company in a research report on Wednesday, January 29th. Finally, DA Davidson initiated coverage on NBT Bancorp in a research report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.50.

NBT Bancorp Price Performance

NBTB stock opened at $42.80 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 52-week low of $32.93 and a 52-week high of $52.44. The stock’s 50 day moving average is $46.54 and its two-hundred day moving average is $46.88. The company has a market capitalization of $2.02 billion, a PE ratio of 14.46 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, January 27th. 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 return on equity of 9.39% and a net margin of 17.84%. During the same period in the previous year, the company earned $0.72 EPS. Analysts predict that NBT Bancorp will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $0.34 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 3.18%. NBT Bancorp’s dividend payout ratio is currently 45.95%.

Insider Activity at NBT Bancorp

In related news, EVP Sarah A. Halliday sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $48.45, for a total transaction of $242,250.00. Following the completion of the transaction, the executive vice president now owns 25,564 shares in the company, valued at $1,238,575.80. The trade was a 16.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Heidi M. Hoeller acquired 678 shares of NBT Bancorp stock in a transaction that occurred on Friday, February 7th. The shares were bought at an average price of $48.45 per share, with a total value of $32,849.10. Following the transaction, the director now directly owns 6,437 shares in the company, valued at approximately $311,872.65. This trade represents a 11.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. boosted its position in NBT Bancorp by 76.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after acquiring an additional 163,952 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in NBT Bancorp by 55.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 224,874 shares of the bank’s stock worth $9,946,000 after acquiring an additional 80,232 shares during the period. Bank of New York Mellon Corp boosted its position in NBT Bancorp by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 683,253 shares of the bank’s stock worth $32,632,000 after acquiring an additional 75,693 shares during the period. Landscape Capital Management L.L.C. acquired a new position in NBT Bancorp during the 3rd quarter worth $439,000. Finally, Barclays PLC boosted its position in NBT Bancorp by 41.8% during the 3rd quarter. Barclays PLC now owns 91,880 shares of the bank’s stock worth $4,064,000 after acquiring an additional 27,085 shares during the period. Institutional investors and hedge funds own 58.46% 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 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.