NBT Bancorp (NASDAQ:NBTB) Reaches New 12-Month High – Still a Buy?

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $51.22 and last traded at $51.3510, with a volume of 33640 shares. The stock had previously closed at $50.64.

Analyst Ratings Changes

A number of research firms have weighed in on NBTB. Piper Sandler upped their target price on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Hovde Group dropped their price target on 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. Finally, DA Davidson reaffirmed a “buy” rating and issued a $52.00 price target on shares of NBT Bancorp in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

NBT Bancorp Trading Up 3.7%

The firm has a market cap of $2.77 billion, a PE ratio of 15.15 and a beta of 0.48. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The stock’s fifty day simple moving average is $47.48 and its two-hundred day simple moving average is $45.00.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (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 business had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $185.35 million. On average, sell-side analysts forecast that NBT Bancorp Inc. will post 4.14 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Trading of NBT Bancorp

Several institutional investors have recently bought and sold shares of NBTB. EverSource Wealth Advisors LLC increased 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 in the last quarter. Larson Financial Group LLC lifted 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 worth $34,000 after buying an additional 799 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock worth $35,000 after buying an additional 324 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of NBT Bancorp during the first quarter valued at approximately $37,000. Finally, Global Retirement Partners LLC grew 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. 58.46% of the stock is owned by hedge funds and other institutional investors.

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.