NBT Bancorp Inc. (NBTB) Cut to Underweight at Piper Jaffray Cos.
NBT Bancorp Inc. (NASDAQ:NBTB) was downgraded by Piper Jaffray Cos. from a “neutral” rating to an “underweight” rating in a research note issued on Wednesday.
Several other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Keefe, Bruyette & Woods increased their price target on shares of NBT Bancorp from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Friday, July 29th.
NBT Bancorp (NASDAQ:NBTB) opened at 39.69 on Wednesday. NBT Bancorp has a 1-year low of $23.81 and a 1-year high of $40.96. The firm has a market capitalization of $1.71 billion, a PE ratio of 22.30 and a beta of 0.79. The company has a 50 day moving average of $33.91 and a 200 day moving average of $30.91.
NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, October 24th. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The company had revenue of $96.31 million for the quarter. NBT Bancorp had a net margin of 19.35% and a return on equity of 8.73%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts forecast that NBT Bancorp will post $1.80 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a $0.23 dividend. The ex-dividend date is Tuesday, November 29th. This represents a $0.92 annualized dividend and a yield of 2.32%. NBT Bancorp’s dividend payout ratio is currently 51.69%.
In other NBT Bancorp news, CEO Martin A. Dietrich sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $32.67, for a total value of $816,750.00. Following the transaction, the chief executive officer now directly owns 191,345 shares in the company, valued at $6,251,241.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin A. Dietrich sold 21,741 shares of the stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $40.20, for a total transaction of $873,988.20. Following the completion of the transaction, the chief executive officer now owns 186,920 shares in the company, valued at $7,514,184. The disclosure for this sale can be found here. 2.83% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors raised its position in shares of NBT Bancorp by 8.2% in the third quarter. BlackRock Fund Advisors now owns 2,989,140 shares of the company’s stock valued at $98,253,000 after buying an additional 225,515 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of NBT Bancorp during the third quarter valued at approximately $7,346,000. Vanguard Group Inc. raised its position in shares of NBT Bancorp by 6.4% in the second quarter. Vanguard Group Inc. now owns 3,583,786 shares of the company’s stock valued at $102,604,000 after buying an additional 215,048 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of NBT Bancorp by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,844,657 shares of the company’s stock valued at $52,811,000 after buying an additional 92,560 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of NBT Bancorp by 198.6% in the third quarter. Morgan Stanley now owns 134,609 shares of the company’s stock valued at $4,425,000 after buying an additional 89,528 shares in the last quarter. Institutional investors own 46.71% 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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