NBT Bancorp (NASDAQ:NBTB) Given New $46.50 Price Target at Hovde Group

NBT Bancorp (NASDAQ:NBTB) had its price objective reduced by Hovde Group from $47.00 to $46.50 in a report issued on Monday morning, MarketBeat reports. Hovde Group currently has a market perform rating on the bank’s stock.

A number of other equities analysts also recently commented on the company. Piper Sandler assumed coverage on NBT Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $50.00 price target for the company. Brean Capital downgraded NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. DA Davidson assumed coverage on NBT Bancorp in a research note on Wednesday, February 25th. They issued a “buy” rating and a $54.00 price target for the company. Janney Montgomery Scott downgraded NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings upgraded NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, NBT Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.50.

NBT Bancorp Stock Up 1.7%

NASDAQ:NBTB opened at $44.00 on Monday. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 12.54 and a beta of 0.47. NBT Bancorp has a one year low of $39.19 and a one year high of $46.92. The stock has a 50-day simple moving average of $43.36 and a 200 day simple moving average of $42.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The firm had revenue of $184.48 million during the quarter, compared to analyst estimates of $185.36 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. Sell-side analysts predict that NBT Bancorp will post 4.17 EPS for the current fiscal year.

Insider Activity at NBT Bancorp

In related news, EVP Amy Wiles sold 4,435 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total transaction of $202,768.20. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy E. Delaney bought 22,730 shares of the company’s stock in a transaction on Wednesday, January 28th. The stock was bought at an average cost of $42.97 per share, for a total transaction of $976,708.10. Following the completion of the transaction, the director directly owned 74,615 shares of the company’s stock, valued at $3,206,206.55. This trade represents a 43.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.99% of the company’s stock.

Institutional Trading of NBT Bancorp

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after purchasing an additional 609 shares during the period. Larson Financial Group LLC increased its stake in shares of NBT Bancorp by 13,316.7% in the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after purchasing an additional 799 shares during the period. Flagship Wealth Advisors LLC bought a new stake in shares of NBT Bancorp during the third quarter valued at approximately $42,000. Global Retirement Partners LLC raised its holdings in shares of NBT Bancorp by 62.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock valued at $43,000 after buying an additional 399 shares during the last quarter. Finally, Allworth Financial LP acquired a new position in shares of NBT Bancorp during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

About NBT Bancorp

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.