NBT Bancorp (NASDAQ:NBTB) Stock Crosses Above 200 Day Moving Average – Here’s Why

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $42.08 and traded as high as $44.67. NBT Bancorp shares last traded at $44.46, with a volume of 227,189 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. DA Davidson lowered shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Janney Montgomery Scott upgraded NBT Bancorp to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of NBT Bancorp in a research report on Wednesday, October 8th. Finally, Piper Sandler set a $47.00 price objective on NBT Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.25.

NBT Bancorp Stock Performance

The company has a market cap of $2.28 billion, a P/E ratio of 14.50 and a beta of 0.51. The stock has a 50 day moving average price of $41.55 and a two-hundred day moving average price of $42.10. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.10.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, October 27th. The bank reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.08. NBT Bancorp had a return on equity of 10.35% and a net margin of 17.24%.The firm had revenue of $186.07 million for the quarter, compared to analysts’ expectations of $183.87 million. On average, research analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, December 1st. NBT Bancorp’s dividend payout ratio is 49.33%.

Insider Activity at NBT Bancorp

In related news, Director Timothy E. Delaney purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was acquired at an average price of $40.98 per share, with a total value of $409,800.00. Following the completion of the purchase, the director directly owned 51,885 shares in the company, valued at $2,126,247.30. This trade represents a 23.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.03% of the company’s stock.

Institutional Trading of NBT Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its stake in 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 during the last quarter. Geode Capital Management LLC boosted its holdings in shares of NBT Bancorp by 10.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,298,769 shares of the bank’s stock valued at $53,971,000 after purchasing an additional 126,718 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of NBT Bancorp by 1.1% in the 3rd quarter. Victory Capital Management Inc. now owns 650,125 shares of the bank’s stock valued at $27,149,000 after purchasing an additional 7,253 shares during the last quarter. Raymond James Financial Inc. increased its stake in shares of 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 purchasing an additional 18,035 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of NBT Bancorp by 63.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after buying an additional 174,639 shares in the last quarter. Institutional investors own 58.46% of the company’s stock.

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.