NBT Bancorp (NASDAQ:NBTB) Stock Rating Reaffirmed as "Overweight" by Piper Sandler

Key Points

• Piper Sandler reaffirmed its “overweight” rating on NBT Bancorp, while lowering its price target from $62 to $61. The new target implies approximately 14.6% upside from the prior close.
• NBT Bancorp shares rose 2.0% to $53.23, near their 12-month high of $54.50. The stock has an overall analyst consensus rating of “Hold,” with an average price target of $55.90.
• The bank exceeded quarterly expectations, reporting $1.11 in earnings per share versus the $1.09 consensus and revenue of $195.03 million versus $193.83 million expected. Institutional investors own 58.46% of the company.

NBT Bancorp (NASDAQ:NBTB - Get Free Report)'s stock had its "overweight" rating restated by investment analysts at Piper Sandler in a report released on Monday, Benzinga reports. They presently have a $61.00 price objective on the bank's stock, down from their prior price objective of $62.00. Piper Sandler's price objective points to a potential upside of 14.61% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, September 12th. Stephens cut NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. DA Davidson set a $62.00 price target on NBT Bancorp in a research note on Thursday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of NBT Bancorp in a research report on Monday, October 19th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $55.00 price objective (down from $58.00) on shares of NBT Bancorp in a research note on Friday. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $55.90.

NBT Bancorp Stock Up 2.0%

NBTB stock traded up $1.03 during trading hours on Monday, reaching $53.23. 79,412 shares of the stock were exchanged, compared to its average volume of 297,080. The firm's 50-day moving average is $51.35 and its 200-day moving average is $47.68. NBT Bancorp has a 12 month low of $39.44 and a 12 month high of $54.50. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 12.78 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 (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The bank reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.02. The company 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 research analysts expect that NBT Bancorp will post 4.18 earnings per share for the current year.

Hedge Funds Weigh In On NBT Bancorp

A number of institutional investors have recently bought and sold shares of NBTB. BlackRock Inc. acquired a new position in shares of NBT Bancorp during the 2nd quarter worth approximately $369,183,000. The Manufacturers Life Insurance Company acquired a new position in shares of NBT Bancorp in the second quarter valued at $27,632,000. Bank of New York Mellon Corp acquired a new position in shares of NBT Bancorp in the second quarter valued at $22,685,000. Ceredex Value Advisors LLC bought a new position in shares of NBT Bancorp in the second quarter valued at about $13,673,000. Finally, NBT Bank N.A. bought a new position in shares of NBT Bancorp in the third quarter valued at about $13,327,000. Institutional investors and hedge funds 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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