NBT Bancorp (NASDAQ:NBTB) Given Buy Rating at DA Davidson

DA Davidson reissued their buy rating on shares of NBT Bancorp (NASDAQ:NBTB) in a research note released on Monday,Benzinga reports. The firm currently has a $52.00 price objective on the bank’s stock.

Several other research analysts have also recently weighed in on NBTB. Brean Capital cut shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Piper Sandler started coverage on NBT Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $50.00 price objective for the company. Janney Montgomery Scott downgraded NBT Bancorp from a “buy” rating to a “neutral” rating in a research report on Monday, February 23rd. Hovde Group lowered their target price on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research note on Monday. Finally, Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.50.

NBT Bancorp Trading Up 1.7%

NBTB stock opened at $44.00 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average price of $43.36 and a two-hundred day moving average price of $42.81. NBT Bancorp has a one year low of $39.19 and a one year high of $46.92. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 12.54 and a beta of 0.47.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). The company had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. Equities analysts anticipate that NBT Bancorp will post 4.17 EPS for the current year.

Insider Activity

In other NBT Bancorp news, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total value of $202,768.20. Following the completion of the sale, the executive vice president owned 21,500 shares in the company, valued at $982,980. The trade was a 17.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy E. Delaney acquired 22,730 shares of the business’s stock in a transaction on Wednesday, January 28th. The stock was acquired at an average cost of $42.97 per share, with a total value of $976,708.10. Following the acquisition, the director directly owned 74,615 shares in the company, valued at approximately $3,206,206.55. This trade represents a 43.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On NBT Bancorp

A number of large investors have recently added to or reduced their stakes in NBTB. Royal Bank of Canada increased its stake in NBT Bancorp by 22.3% during the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock worth $1,729,000 after acquiring an additional 7,349 shares during the period. AQR Capital Management LLC lifted its position in shares of NBT Bancorp by 45.0% during the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock worth $1,175,000 after purchasing an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock worth $7,102,000 after purchasing an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock worth $3,787,000 after purchasing an additional 81,432 shares during the period. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Company Profile

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.