NBT Bancorp (NASDAQ:NBTB) Issues Earnings Results

NBT Bancorp (NASDAQ:NBTB) issued its earnings results on Thursday. The bank reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01), FiscalAI reports. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. The company had revenue of $184.48 million during the quarter, compared to analyst estimates of $185.36 million.

NBT Bancorp Trading Down 4.9%

NASDAQ NBTB traded down $2.23 during mid-day trading on Friday, reaching $43.06. 84,732 shares of the stock were exchanged, compared to its average volume of 223,948. NBT Bancorp has a one year low of $39.19 and a one year high of $46.92. The stock has a 50 day simple moving average of $43.45 and a 200-day simple moving average of $42.76. The stock has a market cap of $2.24 billion, a P/E ratio of 13.03 and a beta of 0.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.88.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, March 2nd. NBT Bancorp’s dividend payout ratio (DPR) is currently 44.85%.

Analyst Upgrades and Downgrades

NBTB has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Brean Capital downgraded shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. DA Davidson initiated coverage on shares of NBT Bancorp in a research note on Wednesday, February 25th. They set a “buy” rating and a $54.00 price target for the company. Janney Montgomery Scott downgraded shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday, February 23rd. Finally, Piper Sandler initiated coverage on shares of NBT Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Insider Buying and Selling at NBT Bancorp

In related news, Director Timothy E. Delaney purchased 22,730 shares of the firm’s stock in a transaction on Wednesday, January 28th. The stock was purchased at an average cost of $42.97 per share, with a total value of $976,708.10. Following the completion of the purchase, the director owned 74,615 shares in the company, valued at approximately $3,206,206.55. This trade represents a 43.81% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total transaction of $202,768.20. Following the completion of the sale, the executive vice president directly owned 21,500 shares of the company’s stock, valued at approximately $982,980. This trade represents a 17.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 3.03% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of NBTB. EverSource Wealth Advisors LLC grew its holdings in shares of NBT Bancorp by 1,645.9% during the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after buying an additional 609 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after buying an additional 799 shares during the last quarter. 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. Quadrant Capital Group LLC acquired a new position in shares of NBT Bancorp during the fourth quarter valued at about $64,000. Finally, Resources Management Corp CT ADV grew its holdings in shares of NBT Bancorp by 165.8% during the third quarter. Resources Management Corp CT ADV now owns 2,724 shares of the bank’s stock valued at $114,000 after buying an additional 1,699 shares during the last quarter. 58.46% of the stock is owned by institutional investors.

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.