NBT Bancorp (NASDAQ:NBTB) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research note published on Monday morning. The firm issued an overweight rating and a $50.00 target price on the bank’s stock.

Several other research firms have also commented on NBTB. Weiss Ratings upgraded NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Janney Montgomery Scott lowered NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. Brean Capital cut NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, DA Davidson began coverage on NBT Bancorp in a research note on Wednesday, February 25th. They issued a “buy” rating and a $54.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.33.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB opened at $41.45 on Monday. The firm has a 50 day moving average of $43.84 and a 200 day moving average of $42.66. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 12.56 and a beta of 0.50. NBT Bancorp has a 12-month low of $37.31 and a 12-month high of $46.92.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, January 26th. The bank reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.06. The business had revenue of $185.14 million for the quarter, compared to the consensus estimate of $183.63 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. On average, research analysts anticipate 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 was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, March 2nd. NBT Bancorp’s dividend payout ratio (DPR) is presently 44.85%.

Insiders Place Their Bets

In related news, EVP Amy Wiles sold 4,435 shares of the company’s stock in a transaction on 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 transaction, the executive vice president owned 21,500 shares of the company’s stock, valued at approximately $982,980. This represents a 17.10% decrease in their position. The sale was disclosed in a filing with the SEC, 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 stock was acquired at an average price of $42.97 per share, with a total value of $976,708.10. Following the purchase, the director directly owned 74,615 shares in the company, valued at $3,206,206.55. This represents a 43.81% increase in their position. The SEC filing for this purchase provides additional information. 3.03% of the stock is currently owned by insiders.

Institutional Trading of NBT Bancorp

Several institutional investors have recently made changes to their positions in NBTB. Savant Capital LLC boosted its stake in NBT Bancorp by 168.4% in the 3rd quarter. Savant Capital LLC now owns 71,060 shares of the bank’s stock worth $2,967,000 after purchasing an additional 44,585 shares during the period. SG Americas Securities LLC raised its position in shares of NBT Bancorp by 110.6% during the third quarter. SG Americas Securities LLC now owns 24,302 shares of the bank’s stock valued at $1,015,000 after buying an additional 12,761 shares during the last quarter. Norges Bank bought a new stake in shares of NBT Bancorp during the second quarter valued at approximately $1,646,000. Endeavour Capital Advisors Inc. purchased a new position in shares of NBT Bancorp in the second quarter worth $3,371,000. Finally, JPMorgan Chase & Co. grew its stake in NBT Bancorp by 26.7% during the third quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after acquiring an additional 70,594 shares in the last quarter. Hedge funds and other institutional investors 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.