NBT Bancorp Inc. (NASDAQ:NBTB) Raises Dividend to $0.40 Per Share

Key Points

• NBT Bancorp raised its quarterly dividend 8.1% to $0.40 per share, payable September 15 to shareholders of record on September 1. The dividend implies an annualized yield of approximately 3.0%, and the company has increased payouts for 12 consecutive years.
• The dividend appears well covered, with a 35.0% current payout ratio and an expected forward payout ratio of 33.3% based on projected earnings.
• NBT Bancorp reported quarterly EPS of $1.01, slightly below the $1.02 consensus estimate, while revenue of $186.69 million also missed expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $51.50.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) announced a quarterly dividend on Monday, July 27th. Shareholders of record on Tuesday, September 1st will be paid a dividend of 0.40 per share by the bank on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 1st. This is a 8.1% increase from NBT Bancorp's previous quarterly dividend of $0.37.

NBT Bancorp has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 12 years. NBT Bancorp has a payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect NBT Bancorp to earn $4.45 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 33.3%.

NBT Bancorp Stock Performance

NBTB opened at $52.52 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.09. The firm's 50-day moving average price is $48.51 and its 200 day moving average price is $45.50. The firm has a market capitalization of $2.73 billion, a PE ratio of 14.96 and a beta of 0.48. NBT Bancorp has a twelve month low of $39.19 and a twelve month high of $53.33.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. As a group, sell-side analysts expect that NBT Bancorp will post 4.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on NBTB shares. DA Davidson reaffirmed a "buy" rating and set a $52.00 price target on shares of NBT Bancorp in a research report on Monday, April 27th. Piper Sandler raised their target price on NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Hovde Group reduced their target price on NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating on the stock in a research report on Monday, April 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.50.

About NBT Bancorp

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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