NBT Bancorp (NASDAQ:NBTB) Shares Gap Down on Disappointing Earnings

NBT Bancorp Inc. (NASDAQ:NBTB) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $45.29, but opened at $43.24. NBT Bancorp shares last traded at $43.0050, with a volume of 46,854 shares.

The bank reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The firm had revenue of $184.48 million for the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. NBT Bancorp’s payout ratio is 44.85%.

Analysts Set New Price Targets

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

Insider Activity

In related news, EVP Amy Wiles sold 4,435 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total transaction of $202,768.20. Following the transaction, the executive vice president directly owned 21,500 shares of the company’s stock, valued at $982,980. This represents a 17.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy E. Delaney bought 22,730 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, January 28th. The shares were acquired at an average cost of $42.97 per share, for a total transaction of $976,708.10. Following the completion of the transaction, the director directly owned 74,615 shares in the company, valued at $3,206,206.55. This represents a 43.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC increased its position in NBT Bancorp by 6.9% during the 1st quarter. Inspire Investing LLC now owns 12,037 shares of the bank’s stock valued at $513,000 after buying an additional 780 shares in the last quarter. Pictet Asset Management Holding SA increased its position in NBT Bancorp by 19.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,502 shares of the bank’s stock valued at $319,000 after buying an additional 1,203 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in NBT Bancorp during the 1st quarter valued at about $988,000. Focused Wealth Management Inc increased its position in NBT Bancorp by 45.1% during the 1st quarter. Focused Wealth Management Inc now owns 7,289 shares of the bank’s stock valued at $310,000 after buying an additional 2,264 shares in the last quarter. Finally, Buffalo Business & Estate Services Ltd. acquired a new position in NBT Bancorp during the 1st quarter valued at about $202,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Down 5.0%

The company has a 50-day moving average of $43.45 and a 200-day moving average of $42.76. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 13.07 and a beta of 0.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09.

NBT Bancorp Company Profile

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.