Wall Street Zen Upgrades NBT Bancorp (NASDAQ:NBTB) to Hold

Key Points

• Wall Street Zen upgraded NBT Bancorp from “sell” to “hold,” while the broader analyst consensus remains “Hold” with three Buy ratings and five Hold ratings.
• NBT Bancorp shares opened at $51.73, near the $54.10 consensus price target. The bank slightly missed quarterly expectations, reporting $1.01 in EPS versus $1.02 expected and revenue of $186.69 million versus $188.81 million forecast.
• Two executive vice presidents sold a combined 13,500 shares for approximately $730,710. Institutional investors and hedge funds collectively own 58.46% of the company.

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

Several other research analysts have also recently commented on NBTB. Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Stephens lowered NBT Bancorp from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th. Keefe, Bruyette & Woods reaffirmed a "hold" rating and set a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. DA Davidson upped their price objective on NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, Piper Sandler increased their price objective on NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $54.10.

NBT Bancorp Stock Up 0.2%

Shares of NBTB stock opened at $51.73 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $54.50. The firm's fifty day moving average price is $51.99 and its two-hundred day moving average price is $47.36. The firm has a market capitalization of $2.69 billion, a P/E ratio of 12.65 and a beta of 0.47.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The business had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. On average, equities analysts predict that NBT Bancorp will post 4.15 EPS for the current fiscal year.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, EVP Sarah Halliday sold 9,000 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the transaction, the executive vice president owned 22,054 shares of the company's stock, valued at $1,191,798.16. The trade was a 28.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ruth Mahoney sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the sale, the executive vice president owned 11,928 shares in the company, valued at $647,690.40. This represents a 27.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.99% of the company's stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds have recently added to or reduced their stakes in NBTB. EverSource Wealth Advisors LLC increased its holdings in shares of NBT Bancorp by 1,645.9% in the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after purchasing an additional 609 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of NBT Bancorp during the 2nd quarter worth about $32,000. Larson Financial Group LLC lifted its stake in shares of NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock worth $34,000 after buying an additional 799 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of NBT Bancorp by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after buying an additional 324 shares during the period. Finally, Western Wealth Management LLC bought a new stake in shares of NBT Bancorp during the 1st quarter worth about $37,000. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp Inc is a bank holding company headquartered in Norwich, New York. Through its principal subsidiary, NBT Bank, the company provides a range of financial services to individuals, families, businesses and municipal entities.

NBT Bank's offerings include checking and savings accounts, consumer and residential lending, commercial loans, mortgages, credit cards and digital banking services. Through affiliated businesses, NBT Bancorp also provides wealth management, investment services and insurance products.

Founded in 1856 as the Bank of Norwich, NBT Bank has expanded from its original New York market to serve communities across the Northeast.

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