Hovde Group Has Lowered Expectations for NBT Bancorp (NASDAQ:NBTB) Stock Price

Key Points

• Hovde Group cut its price target for NBT Bancorp from $47.00 to $46.50 and kept a "market perform" rating, implying roughly a 7.7% upside from the recent share price.
• Shares fell about 4.6% to $43.19 on Monday; analysts are mixed but the consensus is a "Moderate Buy" with an average target of $50.17 (1 Strong Buy, 2 Buy, 3 Hold).
• NBT slightly missed quarterly expectations with EPS of $0.97 vs. $0.98 and revenue $184.48M vs. $185.36M, while insiders showed mixed activity—an EVP sold shares and a director purchased 22,730 shares; insiders own 2.99%.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) had its price objective cut by Hovde Group from $47.00 to $46.50 in a note issued to investors on Monday, MarketBeat reports. The firm currently has a "market perform" rating on the bank's stock. Hovde Group's price objective indicates a potential upside of 7.66% from the company's current price.

Several other equities analysts have also weighed in on the stock. Janney Montgomery Scott lowered shares of NBT Bancorp from a "buy" rating to a "neutral" rating in a report on Monday, February 23rd. Weiss Ratings upgraded shares of NBT Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday. DA Davidson started coverage on shares of NBT Bancorp in a report on Wednesday, February 25th. They set a "buy" rating and a $54.00 target price on the stock. Brean Capital lowered shares of NBT Bancorp from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Finally, Piper Sandler initiated coverage on shares of NBT Bancorp in a report on Monday, March 16th. They set an "overweight" rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $50.17.

NBT Bancorp Stock Down 4.6%

Shares of NASDAQ:NBTB traded down $2.10 during midday trading on Monday, hitting $43.19. 5,262 shares of the company's stock traded hands, compared to its average volume of 229,241. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $2.25 billion, a PE ratio of 12.41 and a beta of 0.47. The firm's fifty day moving average price is $43.40 and its two-hundred day moving average price is $42.79. NBT Bancorp has a twelve month low of $39.19 and a twelve month high of $46.92.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). The business had revenue of $184.48 million for the quarter, compared to analyst estimates of $185.36 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. On average, equities research analysts anticipate that NBT Bancorp will post 4.17 EPS for the current fiscal year.

Insider Buying and Selling at NBT Bancorp

In related news, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $45.72, for a total transaction of $202,768.20. Following the sale, the executive vice president owned 21,500 shares of the company's stock, valued at $982,980. The trade was a 17.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy E. Delaney purchased 22,730 shares of the company's stock in a transaction that occurred on Wednesday, January 28th. The shares were purchased at an average cost of $42.97 per share, for a total transaction of $976,708.10. Following the purchase, the director directly owned 74,615 shares in the company, valued at $3,206,206.55. This trade represents a 43.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.99% of the company's stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in shares of NBT Bancorp by 1.9% in the 3rd quarter. Amalgamated Bank now owns 14,993 shares of the bank's stock worth $626,000 after purchasing an additional 282 shares during the last quarter. Inspire Investing LLC grew its stake in NBT Bancorp by 2.9% in the fourth quarter. Inspire Investing LLC now owns 11,257 shares of the bank's stock worth $467,000 after purchasing an additional 315 shares in the last quarter. State of Alaska Department of Revenue grew its stake in NBT Bancorp by 1.4% in the fourth quarter. State of Alaska Department of Revenue now owns 28,929 shares of the bank's stock worth $1,200,000 after purchasing an additional 397 shares in the last quarter. Global Retirement Partners LLC increased its holdings in NBT Bancorp by 62.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock valued at $43,000 after buying an additional 399 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in 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 buying an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp, Inc NASDAQ: NBTB is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.

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