NBT Bancorp (NBTB) Upgraded at BidaskClub

NBT Bancorp (NASDAQ:NBTB) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Thursday.

A number of other brokerages have also recently commented on NBTB. Piper Jaffray Companies restated a “hold” rating and set a $35.00 price target on shares of NBT Bancorp in a research note on Sunday, September 17th. Zacks Investment Research lowered shares of NBT Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 target price on shares of NBT Bancorp in a report on Tuesday, October 3rd. Finally, Sandler O’Neill set a $38.00 target price on shares of NBT Bancorp and gave the stock a “hold” rating in a report on Wednesday, January 3rd. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. NBT Bancorp has a consensus rating of “Hold” and a consensus price target of $38.25.

NBT Bancorp (NASDAQ:NBTB) traded up $0.52 on Thursday, reaching $37.97. 126,310 shares of the company’s stock traded hands, compared to its average volume of 146,801. NBT Bancorp has a 12-month low of $31.28 and a 12-month high of $42.55. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1,630.00, a P/E ratio of 19.88 and a beta of 0.89.

NBT Bancorp (NASDAQ:NBTB) last posted its earnings results on Tuesday, October 24th. The bank reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. NBT Bancorp had a net margin of 20.02% and a return on equity of 9.01%. The company had revenue of $102.71 million during the quarter, compared to the consensus estimate of $101.31 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. analysts forecast that NBT Bancorp will post 1.97 earnings per share for the current fiscal year.

NBT Bancorp declared that its board has initiated a share repurchase program on Monday, October 23rd that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

In other NBT Bancorp news, Director V Daniel Robinson II sold 25,000 shares of NBT Bancorp stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $38.56, for a total transaction of $964,000.00. Following the transaction, the director now owns 10,141 shares of the company’s stock, valued at $391,036.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 65,000 shares of company stock worth $2,509,900. 3.07% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in NBTB. Citadel Advisors LLC lifted its holdings in shares of NBT Bancorp by 440.7% in the second quarter. Citadel Advisors LLC now owns 72,367 shares of the bank’s stock worth $2,674,000 after buying an additional 58,984 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in NBT Bancorp by 24.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock worth $9,994,000 after acquiring an additional 53,832 shares during the period. Dimensional Fund Advisors LP lifted its stake in NBT Bancorp by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after acquiring an additional 42,291 shares during the period. GSA Capital Partners LLP lifted its stake in NBT Bancorp by 530.8% in the third quarter. GSA Capital Partners LLP now owns 37,142 shares of the bank’s stock worth $1,364,000 after acquiring an additional 31,254 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of NBT Bancorp by 0.7% during the second quarter. Vanguard Group Inc. now owns 4,097,601 shares of the bank’s stock valued at $151,407,000 after buying an additional 30,239 shares during the last quarter. 49.44% of the stock is currently owned by hedge funds and other institutional investors.

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About NBT Bancorp

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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