NBT Bancorp Inc. (NASDAQ:NBTB) Receives $51.50 Average Target Price from Analysts

NBT Bancorp Inc. (NASDAQ:NBTB) has received a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $51.50.

NBTB has been the topic of a number of analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Piper Sandler lifted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Finally, Hovde Group cut their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research report on Monday, April 27th.

Insider Transactions at NBT Bancorp

In related news, Director Heidi M. Hoeller sold 2,100 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the sale, the director owned 11,560 shares in the company, valued at $555,226.80. This represents a 15.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ruth H. Mahoney sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the sale, the executive vice president directly owned 16,428 shares of the company’s stock, valued at $765,544.80. This represents a 23.33% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is owned by insiders.

Institutional Trading of NBT Bancorp

Large investors have recently modified their holdings of the stock. Millennium Management LLC lifted its position in shares of NBT Bancorp by 564.1% during the 3rd quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after acquiring an additional 210,699 shares during the period. State Street Corp boosted its stake in NBT Bancorp by 7.8% during the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after acquiring an additional 182,793 shares in the last quarter. Nuveen LLC grew its holdings in NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock worth $11,879,000 after purchasing an additional 180,528 shares during the period. The Manufacturers Life Insurance Company grew its holdings in NBT Bancorp by 63.2% in the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after purchasing an additional 174,639 shares during the period. Finally, Tudor Investment Corp ET AL bought a new stake in NBT Bancorp in the third quarter valued at $4,886,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Price Performance

Shares of NBTB opened at $52.45 on Friday. The business has a 50-day moving average of $47.62 and a 200-day moving average of $45.07. 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 market capitalization of $2.73 billion, a price-to-earnings ratio of 14.94 and a beta of 0.48. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $53.33.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Thursday, April 23rd. The bank reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. The company had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.35 million. As a group, equities research analysts anticipate that NBT Bancorp will post 4.14 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 annualized dividend and a dividend yield of 2.8%. NBT Bancorp’s dividend payout ratio (DPR) is 42.17%.

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.