Brokerages Set NBT Bancorp Inc. (NASDAQ:NBTB) Target Price at $51.50

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) have received an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $51.50.

NBTB has been the subject of several research reports. DA Davidson reissued a “buy” rating and set a $52.00 price objective on shares of NBT Bancorp in a report on Monday, April 27th. Piper Sandler boosted their target price on NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings raised NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Finally, Hovde Group dropped their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a research note on Monday, April 27th.

NBT Bancorp Trading Down 0.8%

Shares of NBTB opened at $51.32 on Friday. The firm has a market cap of $2.67 billion, a P/E ratio of 14.62 and a beta of 0.48. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $53.33. The company has a 50 day simple moving average of $48.19 and a two-hundred day simple moving average of $45.36.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Thursday, April 23rd. The bank reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.The company had revenue of $184.48 million during the quarter, compared to analysts’ expectations of $185.35 million. On average, equities analysts expect that NBT Bancorp will post 4.14 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp’s dividend payout ratio is 42.17%.

Insider Buying and Selling

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the transaction, the executive vice president owned 16,428 shares in the company, valued at $765,544.80. This trade represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares of the company’s stock, valued at $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.99% of the stock is currently owned by corporate insiders.

Institutional Trading of NBT Bancorp

Several hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its position in NBT Bancorp by 1,645.9% in the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock worth $27,000 after acquiring an additional 609 shares in the last quarter. Larson Financial Group LLC raised its position in NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock valued at $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. lifted its stake in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after purchasing an additional 324 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of NBT Bancorp in the 1st quarter valued at approximately $37,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of NBT Bancorp by 62.5% in 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 period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

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.