NBT Bancorp Inc. (NASDAQ:NBTB) Stock Has Consensus Price Target of $54.10

Key Points

• Analysts are broadly neutral on NBT Bancorp: Five of eight analysts rate the stock “Hold,” while three recommend buying it. The consensus 12-month price target is $54.10, above the reported opening price of $50.22.
• NBT Bancorp slightly missed quarterly expectations, reporting $1.01 in EPS versus the $1.02 consensus and revenue of $186.69 million versus $188.81 million expected.
• The company raised its quarterly dividend to $0.40 per share, or $1.60 annually, representing a 3.2% yield. Institutional investors own 58.46% of the stock, while two executives recently sold shares.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) has received an average recommendation of "Hold" from the eight analysts that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $54.10.

Several research firms have weighed in on NBTB. DA Davidson boosted their price objective on NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Stephens cut NBT Bancorp from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Piper Sandler increased their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, September 12th.

NBT Bancorp Trading Down 1.2%

Shares of NBTB stock opened at $50.22 on Wednesday. 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 capitalization of $2.61 billion, a price-to-earnings ratio of 12.28 and a beta of 0.47. NBT Bancorp has a 52-week low of $39.19 and a 52-week high of $54.50. The company has a 50-day simple moving average of $52.06 and a two-hundred day simple moving average of $48.10.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The business had revenue of $186.69 million during the quarter, compared to analysts' expectations of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. Research analysts anticipate that NBT Bancorp will post 4.16 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's payout ratio is currently 39.12%.

Insider Activity at NBT Bancorp

In related news, EVP Ruth Mahoney sold 4,500 shares of NBT Bancorp 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 sale, the executive vice president owned 11,928 shares of the company's stock, valued at approximately $647,690.40. The trade was a 27.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sarah Halliday sold 9,000 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. The trade was a 28.98% 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

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in NBT Bancorp during the second quarter valued at about $369,183,000. Dimensional Fund Advisors LP increased its stake in shares of NBT Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank's stock worth $99,252,000 after purchasing an additional 30,141 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of NBT Bancorp in the second quarter valued at approximately $27,632,000. Bank of New York Mellon Corp bought a new stake in shares of NBT Bancorp in the second quarter valued at approximately $22,685,000. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of NBT Bancorp during the 2nd quarter valued at approximately $13,673,000. Hedge funds and other institutional investors 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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