NBT Bancorp Inc. (NBTB) Lowered to “Hold” at Zacks Investment Research
NBT Bancorp Inc. (NASDAQ:NBTB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
Separately, Keefe, Bruyette & Woods lifted their price target on NBT Bancorp from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Friday, July 29th.
NBT Bancorp (NASDAQ:NBTB) opened at 32.39 on Wednesday. NBT Bancorp has a 12 month low of $23.81 and a 12 month high of $33.04. The firm’s 50-day moving average price is $31.90 and its 200-day moving average price is $29.22. The stock has a market cap of $1.40 billion, a P/E ratio of 18.30 and a beta of 0.94.
NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, July 25th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.02. The company earned $95.39 million during the quarter. NBT Bancorp had a return on equity of 8.79% and a net margin of 19.38%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.43 earnings per share. On average, analysts predict that NBT Bancorp will post $1.80 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, August 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.22. NBT Bancorp’s payout ratio is 51.98%.
In other news, CEO Martin A. Dietrich sold 25,000 shares of NBT Bancorp stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $32.67, for a total transaction of $816,750.00. Following the sale, the chief executive officer now owns 191,345 shares in the company, valued at $6,251,241.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey M. Levy sold 31,000 shares of NBT Bancorp stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $29.83, for a total value of $924,730.00. Following the sale, the executive vice president now owns 57,139 shares in the company, valued at approximately $1,704,456.37. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in NBT Bancorp during the fourth quarter worth approximately $12,638,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in NBT Bancorp by 3.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,416 shares of the company’s stock worth $389,000 after buying an additional 475 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of NBT Bancorp by 5.9% in the first quarter. TIAA CREF Investment Management LLC now owns 152,770 shares of the company’s stock valued at $4,117,000 after buying an additional 8,479 shares during the period. BlackRock Group LTD boosted its position in shares of NBT Bancorp by 3.8% in the first quarter. BlackRock Group LTD now owns 68,224 shares of the company’s stock valued at $1,839,000 after buying an additional 2,517 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of NBT Bancorp by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,184,153 shares of the company’s stock valued at $31,913,000 after buying an additional 8,379 shares during the period. Institutional investors and hedge funds own 46.02% of the company’s stock.
About NBT Bancorp
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and other subsidiaries, which provide commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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