Brokerages Set NBT Bancorp Inc. (NASDAQ:NBTB) Price Target at $52.00

Key Points

• Brokerages have given NBT Bancorp Inc. an average rating of "Hold," with three analysts recommending "hold" and two recommending "buy." The average 1-year price target is set at $52.00.
• Insider trading activity includes Director John H. Watt, Jr. selling 7,869 shares at $42.02, while Director Heidi M. Hoeller bought 2,588 shares at $42.88.
• NBT Bancorp recently announced an increase in its quarterly dividend to $0.37 per share, providing an annual yield of 3.6%, expected to be paid on September 15th.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) has earned an average recommendation of "Hold" from the five analysts that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $52.00.

A number of research firms have issued reports on NBTB. Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, DA Davidson upped their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a report on Thursday.

Insiders Place Their Bets

In other news, Director John H. Watt, Jr. sold 7,869 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total transaction of $330,655.38. Following the transaction, the director owned 116,027 shares of the company's stock, valued at approximately $4,875,454.54. The trade was a 6.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Heidi M. Hoeller purchased 2,588 shares of NBT Bancorp stock in a transaction dated Tuesday, May 6th. The shares were acquired at an average cost of $42.88 per share, for a total transaction of $110,973.44. Following the transaction, the director directly owned 11,578 shares of the company's stock, valued at approximately $496,464.64. This represents a 28.79% increase in their position. The disclosure for this purchase can be found here. 3.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. TD Private Client Wealth LLC increased its position in shares of NBT Bancorp by 51.3% in the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock valued at $37,000 after buying an additional 294 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of NBT Bancorp by 2,902.1% in the second quarter. Farther Finance Advisors LLC now owns 1,441 shares of the bank's stock valued at $60,000 after buying an additional 1,393 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of NBT Bancorp in the first quarter valued at $68,000. Sterling Capital Management LLC increased its position in shares of NBT Bancorp by 817.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock valued at $69,000 after buying an additional 1,292 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of NBT Bancorp by 38.9% in the second quarter. GAMMA Investing LLC now owns 1,951 shares of the bank's stock valued at $81,000 after buying an additional 546 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Stock Down 2.0%

Shares of NBTB stock traded down $0.82 on Friday, reaching $40.56. 272,271 shares of the company were exchanged, compared to its average volume of 204,971. NBT Bancorp has a one year low of $37.31 and a one year high of $52.44. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 14.64 and a beta of 0.59. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.86. The company has a 50-day moving average of $42.05 and a 200-day moving average of $43.48.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. The company had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. Analysts anticipate that NBT Bancorp will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, August 29th. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's payout ratio is presently 49.10%.

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.