NBT Bancorp (NBTB) Downgraded to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “

Several other research firms have also issued reports on NBTB. BidaskClub upgraded shares of NBT Bancorp from a sell rating to a hold rating in a research report on Thursday, October 11th. Boenning Scattergood restated a hold rating on shares of NBT Bancorp in a research report on Tuesday, October 23rd.

Shares of NASDAQ:NBTB opened at $36.33 on Tuesday. NBT Bancorp has a 52-week low of $30.36 and a 52-week high of $41.88. The firm has a market capitalization of $1.59 billion, a P/E ratio of 14.19 and a beta of 0.82. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings results on Monday, January 28th. The bank reported $0.65 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.65. NBT Bancorp had a net margin of 24.00% and a return on equity of 11.42%. The business had revenue of $104.82 million during the quarter, compared to analyst estimates of $110.75 million. During the same period in the prior year, the business posted $0.50 earnings per share. Sell-side analysts predict that NBT Bancorp will post 2.62 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, March 1st will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, February 28th. NBT Bancorp’s dividend payout ratio (DPR) is 40.63%.

In related news, CFO Michael J. Chewens sold 4,634 shares of the stock in a transaction dated Wednesday, January 16th. The shares were sold at an average price of $36.33, for a total value of $168,353.22. Following the completion of the transaction, the chief financial officer now directly owns 60,556 shares of the company’s stock, valued at $2,199,999.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.23% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in NBTB. BlackRock Inc. raised its stake in NBT Bancorp by 3.9% in the third quarter. BlackRock Inc. now owns 6,258,533 shares of the bank’s stock worth $240,201,000 after buying an additional 235,662 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of NBT Bancorp by 2.0% during the third quarter. Vanguard Group Inc. now owns 4,353,893 shares of the bank’s stock valued at $167,102,000 after purchasing an additional 85,263 shares in the last quarter. Vanguard Group Inc increased its stake in shares of NBT Bancorp by 2.0% during the third quarter. Vanguard Group Inc now owns 4,353,893 shares of the bank’s stock valued at $167,102,000 after purchasing an additional 85,263 shares in the last quarter. Morgan Stanley increased its stake in shares of NBT Bancorp by 25.9% during the third quarter. Morgan Stanley now owns 213,916 shares of the bank’s stock valued at $8,211,000 after purchasing an additional 43,970 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of NBT Bancorp by 48.5% during the third quarter. Wells Fargo & Company MN now owns 124,910 shares of the bank’s stock valued at $4,794,000 after purchasing an additional 40,810 shares in the last quarter. 53.00% of the stock is owned by institutional investors.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises commercial, commercial real estate, agricultural, agricultural real estate, and business banking loans; consumer loans, such as indirect, home equity, and direct loans; and residential real estate mortgages, as well as real estate construction and development loans.

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