DA Davidson Increases NBT Bancorp (NASDAQ:NBTB) Price Target to $55.00

Key Points

• DA Davidson has increased its price target for NBT Bancorp from $53.00 to $55.00, suggesting a potential upside of 32.95% from the stock's previous close.
• Despite the upgrade, Wall Street Zen downgraded NBT Bancorp from a "hold" to a "sell" rating, reflecting mixed sentiments among analysts regarding the stock.
• NBT Bancorp's stock has recently traded down by 1.9%, with a current market cap of $1.96 billion and a PE ratio of 14.94.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) had its target price upped by research analysts at DA Davidson from $53.00 to $55.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. DA Davidson's price target indicates a potential upside of 32.95% from the stock's previous close.

A number of other research firms have also recently commented on NBTB. Wall Street Zen cut NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 target price on the stock in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $52.00.

NBT Bancorp Trading Down 1.9%

Shares of NBT Bancorp stock traded down $0.81 during midday trading on Thursday, reaching $41.37. 120,433 shares of the company's stock traded hands, compared to its average volume of 247,169. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.88. The company has a market cap of $1.96 billion, a PE ratio of 14.94 and a beta of 0.57. The stock has a 50 day moving average of $42.08 and a 200-day moving average of $43.56. NBT Bancorp has a 12 month low of $37.31 and a 12 month high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. The company had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. As a group, equities analysts expect that NBT Bancorp will post 3.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the transaction, the director owned 116,027 shares in the company, valued at approximately $4,875,454.54. The trade was a 6.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Heidi M. Hoeller bought 2,588 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was bought at an average price of $42.88 per share, with a total value of $110,973.44. Following the acquisition, the director owned 11,578 shares in the company, valued at approximately $496,464.64. This trade represents a 28.79% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.03% of the company's stock.

Hedge Funds Weigh In On NBT Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS purchased a new position in NBT Bancorp during the 4th quarter valued at $435,000. JPMorgan Chase & Co. boosted its holdings in NBT Bancorp by 307.0% during the 4th quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank's stock valued at $17,998,000 after acquiring an additional 284,267 shares during the period. Norges Bank purchased a new position in NBT Bancorp during the 4th quarter valued at $6,736,000. Schroder Investment Management Group boosted its holdings in NBT Bancorp by 11.8% during the 4th quarter. Schroder Investment Management Group now owns 175,942 shares of the bank's stock valued at $8,433,000 after acquiring an additional 18,626 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of NBT Bancorp by 16.6% in the 4th quarter. Franklin Resources Inc. now owns 86,855 shares of the bank's stock worth $4,148,000 after buying an additional 12,387 shares during the period. Hedge funds and other institutional investors own 58.46% of the company's stock.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.