NBT Bancorp (NASDAQ:NBTB) Downgraded to Equal Weight at Stephens

Stephens cut shares of NBT Bancorp (NASDAQ:NBTB) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday, Marketbeat reports. They currently have $49.00 price target on the bank’s stock, up from their prior price target of $42.00.

Several other equities research analysts have also issued reports on the stock. Raymond James lowered shares of NBT Bancorp from an outperform rating to a market perform rating in a report on Wednesday. Keefe, Bruyette & Woods dropped their target price on shares of NBT Bancorp from $41.00 to $39.00 and set a market perform rating for the company in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $42.60.

NBT Bancorp Trading Up 2.3 %

Shares of NBT Bancorp stock opened at $49.38 on Thursday. NBT Bancorp has a 1-year low of $30.31 and a 1-year high of $50.83. The company’s fifty day simple moving average is $38.85 and its 200-day simple moving average is $36.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $2.33 billion, a PE ratio of 19.07 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, July 22nd. The bank reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01). The company had revenue of $194.00 million for the quarter, compared to analysts’ expectations of $139.02 million. NBT Bancorp had a net margin of 16.15% and a return on equity of 9.64%. During the same quarter last year, the firm posted $0.80 earnings per share. As a group, equities analysts anticipate that NBT Bancorp will post 2.82 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.75%. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, August 30th. NBT Bancorp’s dividend payout ratio (DPR) is presently 49.42%.

Insiders Place Their Bets

In other news, EVP Sarah A. Halliday sold 1,325 shares of NBT Bancorp stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $35.66, for a total value of $47,249.50. Following the sale, the executive vice president now directly owns 32,402 shares of the company’s stock, valued at $1,155,455.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of NBT Bancorp by 36.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock valued at $24,307,000 after acquiring an additional 169,180 shares during the last quarter. Ceredex Value Advisors LLC raised its position in NBT Bancorp by 2.6% in the 2nd quarter. Ceredex Value Advisors LLC now owns 219,500 shares of the bank’s stock worth $8,473,000 after purchasing an additional 5,500 shares during the period. Louisiana State Employees Retirement System lifted its stake in NBT Bancorp by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 23,700 shares of the bank’s stock worth $915,000 after purchasing an additional 400 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of NBT Bancorp during the first quarter valued at approximately $332,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of NBT Bancorp by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 40,067 shares of the bank’s stock valued at $1,470,000 after buying an additional 1,680 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, 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 indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.