NBT Bancorp (NASDAQ:NBTB) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

NBT Bancorp (NASDAQ:NBTB) announced its earnings results on Thursday. The bank reported $0.97 EPS for the quarter, missing the consensus estimate 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 business had revenue of $184.48 million for the quarter, compared to the consensus estimate of $185.36 million.

NBT Bancorp Stock Up 1.3%

NBTB traded up $0.57 during midday trading on Thursday, reaching $45.29. 140,754 shares of the company were exchanged, compared to its average volume of 225,966. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88. The company’s fifty day moving average price is $43.45 and its 200 day moving average price is $42.74. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 13.72 and a beta of 0.47. NBT Bancorp has a one year low of $39.19 and a one year high of $46.92.

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, March 2nd. NBT Bancorp’s payout ratio is currently 44.85%.

Insider Buying and Selling

In other NBT Bancorp news, EVP Amy Wiles sold 4,435 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was 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. The trade was a 17.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy E. Delaney acquired 22,730 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were bought at an average cost of $42.97 per share, with a total value of $976,708.10. Following the completion of the acquisition, the director directly owned 74,615 shares in the company, valued at approximately $3,206,206.55. This represents a 43.81% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 3.03% of the company’s stock.

Institutional Trading of NBT Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after acquiring an additional 182,793 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of NBT Bancorp by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,300,834 shares of the bank’s stock valued at $95,531,000 after acquiring an additional 8,044 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of NBT Bancorp by 2.0% in the fourth quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock valued at $27,532,000 after acquiring an additional 12,967 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of NBT Bancorp by 63.2% in the second 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. Finally, Nuveen LLC grew its holdings in shares of NBT Bancorp by 171.0% in the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock valued at $11,879,000 after acquiring an additional 180,528 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.