NBT Bancorp (NASDAQ:NBTB) Coverage Initiated by Analysts at DA Davidson

DA Davidson began coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research note published on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $54.00 target price on the bank’s stock.

Several other research analysts also recently weighed in on NBTB. Weiss Ratings raised shares of NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Janney Montgomery Scott lowered NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.33.

NBT Bancorp Trading Up 2.9%

NBT Bancorp stock opened at $45.21 on Wednesday. NBT Bancorp has a 12-month low of $37.31 and a 12-month high of $47.93. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 13.70 and a beta of 0.51. The firm has a 50 day moving average of $43.94 and a 200 day moving average of $42.77. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, January 26th. The bank reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.06. The business had revenue of $185.14 million during the quarter, compared to analyst estimates of $183.63 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. As a group, research analysts predict that NBT Bancorp will post 3.69 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.37 per share. The ex-dividend date is Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. NBT Bancorp’s dividend payout ratio (DPR) is presently 44.85%.

Insider Activity

In related news, EVP Amy Wiles sold 4,435 shares of the 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 directly owned 21,500 shares of the company’s stock, valued at approximately $982,980. This represents a 17.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy E. Delaney purchased 22,730 shares of the business’s stock in a transaction on Wednesday, January 28th. The shares were purchased at an average price 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 $3,206,206.55. This represents a 43.81% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 3.03% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

A number of hedge funds have recently bought and sold shares of the business. State Street Corp grew its stake in shares of NBT Bancorp by 7.8% in the 2nd quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after buying an additional 182,793 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of NBT Bancorp by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,300,834 shares of the bank’s stock valued at $95,531,000 after acquiring an additional 8,044 shares during the last quarter. Geode Capital Management LLC grew its position in NBT Bancorp by 10.8% in the second quarter. Geode Capital Management LLC now owns 1,298,769 shares of the bank’s stock worth $53,971,000 after acquiring an additional 126,718 shares in the last quarter. Victory Capital Management Inc. increased its stake in NBT Bancorp by 2.0% during the fourth quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock worth $27,532,000 after acquiring an additional 12,967 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after purchasing an additional 174,639 shares during the period. Hedge funds and other institutional investors 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.