DA Davidson Begins Coverage on NBT Bancorp (NASDAQ:NBTB)

Analysts at DA Davidson initiated coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a report released on Wednesday. The brokerage set a “buy” rating and a $54.00 price target on the bank’s stock. DA Davidson’s target price points to a potential upside of 22.92% from the company’s current price.

A number of other brokerages have also recently weighed in on NBTB. Janney Montgomery Scott cut shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday. Weiss Ratings raised shares of NBT Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.33.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB opened at $43.93 on Wednesday. NBT Bancorp has a 12-month low of $37.31 and a 12-month high of $47.93. The company has a market cap of $2.30 billion, a PE ratio of 13.31 and a beta of 0.51. The stock has a 50 day simple moving average of $43.92 and a 200-day simple moving average of $42.75. 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 (NASDAQ:NBTB) last posted its earnings results on Monday, January 26th. The bank reported $1.05 EPS for the quarter, beating the consensus estimate of $0.99 by $0.06. NBT Bancorp had a return on equity of 10.86% and a net margin of 18.67%.The firm had revenue of $185.14 million for the quarter, compared to analysts’ expectations of $183.63 million. On average, equities research analysts forecast that NBT Bancorp will post 3.69 EPS for the current year.

Insider Buying and Selling

In related news, EVP Amy Wiles sold 4,435 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total value of $202,768.20. Following the completion of the sale, the executive vice president owned 21,500 shares in the company, valued at approximately $982,980. This represents a 17.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy E. Delaney bought 22,730 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The stock was acquired at an average cost of $42.97 per share, with a total value of $976,708.10. Following the transaction, the director owned 74,615 shares of the company’s stock, valued at $3,206,206.55. This trade represents a 43.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.03% of the stock is owned by insiders.

Institutional Trading of NBT Bancorp

A number of institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after purchasing an additional 609 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of NBT Bancorp in the 2nd quarter valued at approximately $33,000. Larson Financial Group LLC increased its holdings in NBT Bancorp by 13,316.7% in the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after buying an additional 799 shares during the last quarter. Flagship Wealth Advisors LLC bought a new stake in NBT Bancorp in the third quarter worth approximately $42,000. Finally, Global Retirement Partners LLC increased its stake in shares of NBT Bancorp by 62.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock worth $43,000 after purchasing an additional 399 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company’s stock.

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.