NBT Bancorp (NASDAQ:NBTB) Cut to “Equal Weight” at Stephens

NBT Bancorp (NASDAQ:NBTB) was downgraded by equities research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a report released on Thursday, Marketbeat.com reports. They presently have a $55.00 price objective on the bank’s stock. Stephens’ target price would indicate a potential upside of 1.36% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Hovde Group decreased their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research note on Monday, April 27th. Piper Sandler boosted their price objective on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. DA Davidson upped their price objective on NBT Bancorp from $52.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, NBT Bancorp presently has an average rating of “Hold” and a consensus target price of $54.12.

NBT Bancorp Stock Up 1.2%

NBT Bancorp stock opened at $54.26 on Thursday. NBT Bancorp has a 52 week low of $39.19 and a 52 week high of $54.50. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 13.27 and a beta of 0.48. The company’s 50-day moving average price is $48.86 and its two-hundred day moving average price is $45.65. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. On average, analysts expect that NBT Bancorp will post 4.14 EPS for the current fiscal year.

Insider Transactions at NBT Bancorp

In other news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp 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 transaction, the director owned 11,560 shares in the company, valued at approximately $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 shares were sold at an average price of $46.60, for a total value of $233,000.00. Following the transaction, the executive vice president directly owned 16,428 shares in the company, valued at approximately $765,544.80. This trade represents a 23.33% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBTB. Millennium Management LLC increased its stake in shares of NBT Bancorp by 564.1% in the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock worth $10,359,000 after acquiring an additional 210,699 shares during the last quarter. State Street Corp boosted its position in NBT Bancorp by 7.8% during the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after purchasing an additional 182,793 shares during the last quarter. Nuveen LLC grew its stake in NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock valued at $11,879,000 after purchasing an additional 180,528 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake 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 valued at $18,741,000 after purchasing an additional 174,639 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in NBT Bancorp in the 3rd quarter worth about $4,886,000. 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.