NBT Bancorp (NASDAQ:NBTB) Posts Quarterly Earnings Results

Key Points

• NBT Bancorp reported quarterly earnings of $0.88 per share, exceeding analysts' expectations by $0.07, with a return on equity of 9.57% and a net margin of 17.99%.
• The company announced a quarterly dividend of $0.34, resulting in an annualized dividend of $1.36, which corresponds to a dividend yield of 3.28%.
• Wall Street analysts have mixed ratings on NBT Bancorp, with a consensus target price of $51.60 and several upgrades and downgrades noted in recent reports.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) announced its earnings results on Monday. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06, Zacks reports. NBT Bancorp had a net margin of 17.99% and a return on equity of 9.57%. The company had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million.

NBT Bancorp Trading Up 0.2%

NASDAQ:NBTB opened at $41.47 on Tuesday. NBT Bancorp has a 12 month low of $37.31 and a 12 month high of $52.44. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 13.73 and a beta of 0.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. The company's 50 day moving average is $42.09 and its 200-day moving average is $43.57.

NBT Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Monday, June 2nd. NBT Bancorp's dividend payout ratio (DPR) is presently 45.03%.

Insider Buying and Selling

In related news, Director John H. Watt, Jr. sold 7,869 shares of the business's stock in a transaction on 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Heidi M. Hoeller purchased 2,588 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were acquired at an average price of $42.88 per share, for a total transaction of $110,973.44. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.03% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NBTB. Royal Bank of Canada lifted its position in NBT Bancorp by 22.3% during the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock worth $1,729,000 after buying an additional 7,349 shares in the last quarter. AQR Capital Management LLC lifted its position in NBT Bancorp by 45.0% during the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank's stock worth $585,000 after buying an additional 4,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank's stock worth $1,175,000 after buying an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock worth $7,102,000 after buying an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in NBT Bancorp by 1,188.4% during the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock worth $3,787,000 after buying an additional 81,432 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 price target for the company in a report on Tuesday, July 8th. Finally, DA Davidson decreased their price target on shares of NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, NBT Bancorp has an average rating of "Hold" and a consensus price target of $51.60.

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.