Brokerages Set NBT Bancorp Inc. (NASDAQ:NBTB) PT at $52.00

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $52.00.

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of NBT Bancorp in a research report on Wednesday, October 8th. Piper Sandler set a $47.00 price target on NBT Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Janney Montgomery Scott upgraded NBT Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. DA Davidson lowered shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Wall Street Zen raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd.

Insider Activity

In other news, Director Timothy E. Delaney purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were acquired at an average price of $40.98 per share, with a total value of $409,800.00. Following the purchase, the director directly owned 51,885 shares of the company’s stock, valued at $2,126,247.30. The trade was a 23.87% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.03% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of NBTB. 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 worth $105,177,000 after purchasing an additional 182,793 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of NBT Bancorp by 10.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,298,769 shares of the bank’s stock worth $53,971,000 after buying an additional 126,718 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of NBT Bancorp by 4.7% in the 1st quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank’s stock worth $29,939,000 after buying an additional 31,317 shares in the last quarter. Raymond James Financial Inc. grew its stake in NBT Bancorp by 3.6% in the 1st quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank’s stock valued at $22,018,000 after acquiring an additional 18,035 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in NBT Bancorp by 63.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after acquiring an additional 174,639 shares in the last quarter. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Performance

Shares of NBTB opened at $41.20 on Friday. The stock has a market capitalization of $2.16 billion, a P/E ratio of 13.73 and a beta of 0.55. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.88 and a current ratio of 0.88. NBT Bancorp has a 1 year low of $37.31 and a 1 year high of $52.44. The company’s fifty day moving average is $41.66 and its two-hundred day moving average is $42.23.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, October 27th. The bank reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.08. NBT Bancorp had a net margin of 17.24% and a return on equity of 10.35%. The business had revenue of $186.07 million for the quarter, compared to the consensus estimate of $183.87 million. On average, sell-side analysts predict that NBT Bancorp will post 3.69 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. NBT Bancorp’s dividend payout ratio (DPR) is 49.33%.

About NBT Bancorp

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.