Sandler O’Neill set a $38.00 price target on NBT Bancorp (NASDAQ:NBTB) in a report released on Wednesday. The brokerage currently has a hold rating on the bank’s stock.
Several other research analysts also recently issued reports on NBTB. Zacks Investment Research raised shares of NBT Bancorp from a hold rating to a buy rating and set a $37.00 price objective on the stock in a research report on Tuesday, September 5th. Piper Jaffray Companies reaffirmed a hold rating and issued a $35.00 target price on shares of NBT Bancorp in a report on Sunday, September 17th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $38.00 target price on shares of NBT Bancorp in a report on Tuesday, October 3rd. Finally, BidaskClub downgraded shares of NBT Bancorp from a buy rating to a hold rating in a report on Thursday, December 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company. NBT Bancorp currently has a consensus rating of Hold and a consensus target price of $38.25.
Shares of NBT Bancorp (NBTB) traded up $0.25 during trading on Wednesday, reaching $36.57. 151,152 shares of the company’s stock traded hands, compared to its average volume of 134,892. NBT Bancorp has a 52 week low of $31.28 and a 52 week high of $42.55. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $1,592.18, a P/E ratio of 19.05 and a beta of 0.89.
NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Tuesday, October 24th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. NBT Bancorp had a net margin of 20.02% and a return on equity of 9.01%. The company had revenue of $102.71 million for the quarter, compared to the consensus estimate of $101.31 million. During the same period last year, the firm posted $0.46 EPS. NBT Bancorp’s revenue for the quarter was up 6.6% on a year-over-year basis. sell-side analysts anticipate that NBT Bancorp will post 1.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Thursday, November 30th. NBT Bancorp’s payout ratio is 47.92%.
NBT Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, October 23rd that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, Director V Daniel Robinson II sold 25,000 shares of NBT Bancorp stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $38.58, for a total value of $964,500.00. Following the sale, the director now owns 10,141 shares of the company’s stock, valued at $391,239.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 65,000 shares of company stock worth $2,509,900. Insiders own 3.07% of the company’s stock.
Several large investors have recently modified their holdings of the company. GSA Capital Partners LLP boosted its holdings in NBT Bancorp by 530.8% during the third quarter. GSA Capital Partners LLP now owns 37,142 shares of the bank’s stock worth $1,364,000 after buying an additional 31,254 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in NBT Bancorp by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after buying an additional 42,291 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in NBT Bancorp by 24.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock worth $9,994,000 after buying an additional 53,832 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in NBT Bancorp by 39.6% during the third quarter. Wells Fargo & Company MN now owns 61,329 shares of the bank’s stock worth $2,252,000 after buying an additional 17,399 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in NBT Bancorp by 29.3% during the third quarter. JPMorgan Chase & Co. now owns 98,734 shares of the bank’s stock worth $3,633,000 after buying an additional 22,362 shares in the last quarter. 49.44% of the stock is currently owned by institutional investors and hedge funds.
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NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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