NBT Bancorp Inc. (NASDAQ:NBTB) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• NBT Bancorp Inc. has received a consensus recommendation of "Hold" from five research firms, with a target price averaging $52.00.
• Recent insider transactions include Director David J. Nasca selling 19,603 shares for approximately $851,162, reducing his ownership by 19.12%.
• The company announced an increase in its quarterly dividend to $0.37, reflecting a yield of 3.3% for shareholders, with the payout scheduled for September 15th.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) has earned a consensus recommendation of "Hold" from the five research firms that are covering the firm, Marketbeat Ratings reports. Three 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 issued ratings on the stock in the last year is $52.00.

Several research firms recently weighed in on NBTB. Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 target price for the company in a research report on Tuesday, July 8th. Finally, DA Davidson upped their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st.

Insider Activity

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the transaction, the director owned 82,910 shares in the company, valued at approximately $3,599,952.20. This represents a 19.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John H. Watt, Jr. sold 7,869 shares of the firm's stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. 3.03% of the stock is currently owned by corporate insiders.

Institutional Trading of NBT Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in NBTB. EverSource Wealth Advisors LLC raised its holdings in shares of NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock worth $27,000 after purchasing an additional 609 shares in the last quarter. Hantz Financial Services Inc. bought a new stake in shares of NBT Bancorp in the 2nd quarter worth approximately $33,000. TD Private Client Wealth LLC raised its holdings in shares of NBT Bancorp by 51.3% in the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after purchasing an additional 294 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of NBT Bancorp by 2,902.1% in the 2nd 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 in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of NBT Bancorp in the 1st quarter worth approximately $68,000. 58.46% of the stock is currently owned by institutional investors.

NBT Bancorp Price Performance

NBTB opened at $44.40 on Tuesday. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 16.03 and a beta of 0.59. NBT Bancorp has a fifty-two week low of $37.31 and a fifty-two week high of $52.44. The company's 50-day moving average price is $42.23 and its 200 day moving average price is $42.80. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm 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%. As a group, sell-side analysts expect that NBT Bancorp will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a $0.37 dividend. This is a positive change 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 3.3%. NBT Bancorp's payout ratio is currently 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.

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