NBT Bancorp Inc. (NASDAQ:NBTB) Sees Large Drop in Short Interest

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 928,200 shares, a drop of 19.3% from the March 31st total of 1,150,000 shares. Based on an average trading volume of 221,800 shares, the short-interest ratio is currently 4.2 days.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director Lowell A. Seifter sold 4,770 shares of NBT Bancorp stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $37.50, for a total transaction of $178,875.00. Following the transaction, the director now owns 44,362 shares of the company's stock, valued at $1,663,575. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.32% of the company's stock.

Institutional Investors Weigh In On NBT Bancorp

Several institutional investors and hedge funds have recently modified their holdings of NBTB. Vanguard Group Inc. boosted its position in shares of NBT Bancorp by 8.8% in the third quarter. Vanguard Group Inc. now owns 5,515,875 shares of the bank's stock worth $174,798,000 after buying an additional 445,814 shares during the period. Norges Bank purchased a new position in NBT Bancorp in the fourth quarter valued at about $12,547,000. Hsbc Holdings PLC purchased a new position in NBT Bancorp in the fourth quarter valued at about $11,434,000. Fuller & Thaler Asset Management Inc. boosted its holdings in NBT Bancorp by 29.9% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 752,841 shares of the bank's stock valued at $23,858,000 after purchasing an additional 173,218 shares during the last quarter. Finally, NBT Bank N A NY boosted its holdings in NBT Bancorp by 49.2% in the third quarter. NBT Bank N A NY now owns 281,169 shares of the bank's stock valued at $8,910,000 after purchasing an additional 92,718 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company's stock.

Analyst Upgrades and Downgrades

NBTB has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on NBT Bancorp from $41.00 to $39.00 and set a "market perform" rating on the stock in a research note on Wednesday. Janney Montgomery Scott upgraded NBT Bancorp from a "neutral" rating to a "buy" rating and set a $39.00 target price on the stock in a research note on Thursday, March 21st. Stephens reiterated an "overweight" rating and issued a $42.00 target price on shares of NBT Bancorp in a research note on Tuesday, April 23rd. Raymond James lifted their target price on NBT Bancorp from $40.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, January 5th. Finally, Piper Sandler decreased their price target on NBT Bancorp from $42.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, January 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.20.

NBT Bancorp Trading Up 0.6 %

NBT Bancorp stock traded up $0.23 during trading on Friday, hitting $35.97. The company's stock had a trading volume of 96,728 shares, compared to its average volume of 182,938. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 13.89 and a beta of 0.51. The stock's fifty day moving average is $34.81 and its 200 day moving average is $36.30. NBT Bancorp has a 1-year low of $27.52 and a 1-year high of $43.77. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.67 by $0.01. The firm had revenue of $192.33 million during the quarter, compared to analyst estimates of $135.01 million. NBT Bancorp had a return on equity of 10.20% and a net margin of 16.71%. During the same period in the prior year, the firm posted $0.88 earnings per share. As a group, equities research analysts predict that NBT Bancorp will post 2.82 EPS for the current year.

NBT Bancorp Company Profile

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.