Zacks Investment Research upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. The brokerage currently has $42.00 target price on the bank’s stock.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
Several other research analysts have also recently weighed in on the stock. BidaskClub cut shares of NBT Bancorp from a buy rating to a hold rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $38.00 price target on shares of NBT Bancorp in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $35.00 price target on shares of NBT Bancorp in a report on Sunday, September 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the stock. NBT Bancorp currently has an average rating of Hold and an average target price of $38.25.
NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. The firm had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a net margin of 20.02% and a return on equity of 9.01%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. equities research analysts forecast that NBT Bancorp will post 1.97 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a $0.23 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.52%. NBT Bancorp’s dividend payout ratio is presently 48.17%.
NBT Bancorp declared that its board has approved a share buyback plan on Monday, October 23rd that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director V Daniel Robinson II sold 15,000 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $38.76, for a total value of $581,400.00. Following the transaction, the director now owns 10,141 shares of the company’s stock, valued at $393,065.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 65,000 shares of company stock worth $2,509,900. 3.07% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its stake in NBT Bancorp by 37.2% in the second quarter. Bank of Montreal Can now owns 4,021 shares of the bank’s stock valued at $149,000 after acquiring an additional 1,090 shares during the last quarter. Biondo Investment Advisors LLC bought a new position in NBT Bancorp in the second quarter valued at $201,000. Amalgamated Bank increased its stake in NBT Bancorp by 1.1% in the second quarter. Amalgamated Bank now owns 5,814 shares of the bank’s stock valued at $215,000 after acquiring an additional 66 shares during the last quarter. Neuberger Berman Group LLC boosted its position in NBT Bancorp by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 5,867 shares of the bank’s stock valued at $217,000 after buying an additional 47 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in NBT Bancorp during the second quarter valued at about $218,000. 49.44% of the stock is currently owned by institutional investors and hedge funds.
NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing 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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