NBT Bancorp (NASDAQ:NBTB) Downgraded by Wall Street Zen to "Sell"

Key Points

• Wall Street Zen downgraded NBT Bancorp from “hold” to “sell.” Despite that move, the broader analyst consensus remains “hold,” with an average price target of $55.90.
• Other analyst views were mixed: Weiss Ratings maintained a buy rating, while Piper Sandler kept an overweight rating but trimmed its target to $61; several firms maintained hold-equivalent ratings.
• NBT Bancorp beat quarterly expectations, reporting EPS of $1.11 versus $1.09 forecast and revenue of $195.03 million versus $193.83 million expected.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

NBTB has been the topic of a number of other research reports. Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a report on Monday, October 19th. Piper Sandler reaffirmed an "overweight" rating and set a $61.00 price objective (down from $62.00) on shares of NBT Bancorp in a research note on Monday, November 2nd. DA Davidson set a $62.00 price objective on NBT Bancorp in a research note on Thursday, October 29th. Stephens lowered NBT Bancorp from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $55.00 target price (down from $58.00) on shares of NBT Bancorp in a research note on Friday, October 30th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, NBT Bancorp presently has a consensus rating of "Hold" and an average price target of $55.90.

NBT Bancorp Stock Down 0.3%

NBTB stock opened at $52.83 on Friday. The business's fifty day moving average price is $51.50 and its two-hundred day moving average price is $47.94. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.91 and a beta of 0.49. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp has a fifty-two week low of $39.44 and a fifty-two week high of $55.35.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.02. The firm had revenue of $195.03 million during the quarter, compared to analysts' expectations of $193.83 million. NBT Bancorp had a return on equity of 11.28% and a net margin of 22.87%. On average, equities analysts anticipate that NBT Bancorp will post 4.19 earnings per share for the current year.

Institutional Trading of NBT Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE bought a new position in shares of NBT Bancorp in the second quarter worth about $6,170,000. Empowered Funds LLC acquired a new position in shares of NBT Bancorp during the 2nd quarter valued at $3,809,000. Jupiter Topco LLC acquired a new position in shares of NBT Bancorp during the second quarter valued at $1,151,000. BlackRock Inc. acquired a new position in NBT Bancorp during the second quarter valued at $369,183,000. Finally, Ceredex Value Advisors LLC acquired a new stake in NBT Bancorp in the 2nd quarter valued at approximately $13,673,000. Institutional investors own 58.46% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.

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