NBT Bancorp's (NBTB) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods reiterated its “Market Perform” rating on NBT Bancorp but lowered its price target to $55 from $58, implying about 4.47% upside.
• Analyst sentiment remains mixed-to-neutral: NBT Bancorp has an average “Hold” rating and a consensus price target of $54.90, based on three Buy and five Hold ratings.
• NBT Bancorp reported quarterly earnings of $1.11 per share, beating estimates of $1.09, while revenue of $195.03 million also exceeded expectations.

NBT Bancorp (NASDAQ:NBTB - Get Free Report)'s stock had its "market perform" rating restated by research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Friday, Benzinga reports. They presently have a $55.00 target price on the bank's stock, down from their prior target price of $58.00. Keefe, Bruyette & Woods's price target indicates a potential upside of 4.47% from the company's current price.

A number of other research analysts also recently commented on the stock. DA Davidson set a $62.00 price target on shares of NBT Bancorp in a report on Thursday. Stephens downgraded NBT Bancorp from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a research report on Monday, October 19th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, NBT Bancorp has an average rating of "Hold" and a consensus price target of $54.90.

NBT Bancorp Price Performance

Shares of NBTB traded down $0.32 during mid-day trading on Friday, hitting $52.65. 16,593 shares of the stock were exchanged, compared to its average volume of 296,918. The firm has a 50-day moving average of $51.34 and a two-hundred day moving average of $47.63. NBT Bancorp has a 52-week low of $39.44 and a 52-week high of $54.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $2.74 billion, a PE ratio of 12.63 and a beta of 0.49.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings results 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. NBT Bancorp had a net margin of 22.87% and a return on equity of 11.28%. The company had revenue of $195.03 million for the quarter, compared to analysts' expectations of $193.83 million. On average, equities analysts predict that NBT Bancorp will post 4.17 earnings per share for the current year.

Institutional Investors Weigh In On NBT Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new position in NBT Bancorp in the second quarter worth approximately $32,000. Bessemer Group Inc. increased its holdings 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 acquiring an additional 324 shares during the period. Western Wealth Management LLC purchased a new position in shares of NBT Bancorp in the 1st quarter valued at $37,000. Nykredit A S bought a new position in shares of NBT Bancorp in the 2nd quarter worth $45,000. Finally, Global Retirement Partners LLC bought a new position in shares of NBT Bancorp in the 2nd quarter worth $49,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.