Brokerages Set NBT Bancorp Inc. (NASDAQ:NBTB) PT 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.

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

Several research firms recently weighed in on NBTB. DA Davidson lifted their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Tuesday, July 8th.

Insider Activity at NBT Bancorp

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 shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the sale, the director directly owned 116,027 shares in the company, valued at $4,875,454.54. This trade represents a 6.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heidi M. Hoeller acquired 2,588 shares of the stock in a transaction dated Tuesday, May 6th. The stock was acquired at an average price of $42.88 per share, for a total transaction of $110,973.44. Following the completion of the acquisition, the director directly owned 11,578 shares of the company's stock, valued at $496,464.64. The trade was a 28.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.03% of the company's stock.

Hedge Funds Weigh In On NBT Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. bought a new stake in shares of NBT Bancorp in the second quarter valued at about $33,000. TD Private Client Wealth LLC lifted its position in NBT Bancorp by 51.3% during the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after purchasing an additional 294 shares during the period. Farther Finance Advisors LLC lifted its position in NBT Bancorp by 2,902.1% during the second quarter. Farther Finance Advisors LLC now owns 1,441 shares of the bank's stock worth $60,000 after purchasing an additional 1,393 shares during the period. Cloud Capital Management LLC bought a new stake in NBT Bancorp during the first quarter worth about $68,000. Finally, Sterling Capital Management LLC lifted its position in NBT Bancorp by 817.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock worth $69,000 after purchasing an additional 1,292 shares during the period. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Price Performance

Shares of NBTB traded up $0.07 during trading hours on Friday, hitting $40.63. The stock had a trading volume of 47,190 shares, compared to its average volume of 246,683. The company's fifty day moving average is $42.05 and its two-hundred day moving average is $43.43. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. NBT Bancorp has a 52 week low of $37.31 and a 52 week high of $52.44. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 14.67 and a beta of 0.59.

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

NBT Bancorp Increases Dividend

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

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.