NBT Bancorp (NASDAQ:NBTB) Downgraded to "Hold" Rating by DA Davidson

Key Points

• NBT Bancorp has been downgraded from a "strong-buy" to a "hold" rating by DA Davidson, indicating a less favorable outlook for the company's stock.
• The stock currently has a consensus target price of $52.00, with two analysts rating it as a buy and four as a hold.
• In recent transactions, insider David J. Nasca sold over 19,600 shares of NBT Bancorp, representing a significant decrease in his ownership of the stock.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) was downgraded by equities researchers at DA Davidson from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on NBTB. Weiss Ratings reiterated a "hold (c+)" rating on shares of NBT Bancorp in a report on Wednesday, October 8th. Piper Sandler set a $47.00 target price on shares of NBT Bancorp and gave the company an "overweight" rating in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $52.00.

NBT Bancorp Trading Up 1.5%

Shares of NASDAQ:NBTB opened at $40.75 on Monday. The stock has a market capitalization of $2.13 billion, a PE ratio of 14.71 and a beta of 0.54. NBT Bancorp has a 1 year low of $37.31 and a 1 year high of $52.44. The firm has a fifty day moving average price of $42.64 and a 200 day moving average price of $42.12. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17.

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

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the transaction, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. This trade represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 made changes to their positions in the company. State Street Corp boosted its position in shares of NBT Bancorp by 7.8% during the second quarter. State Street Corp now owns 2,531,336 shares of the bank's stock worth $105,177,000 after purchasing an additional 182,793 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of NBT Bancorp by 10.8% during the second quarter. Geode Capital Management LLC now owns 1,298,769 shares of the bank's stock worth $53,971,000 after purchasing an additional 126,718 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of NBT Bancorp by 4.7% during the first quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank's stock worth $29,939,000 after purchasing an additional 31,317 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of NBT Bancorp by 3.6% during the first quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank's stock worth $22,018,000 after purchasing an additional 18,035 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of NBT Bancorp by 63.2% during the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank's stock worth $18,741,000 after purchasing an additional 174,639 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

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.

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