NBT Bancorp (NASDAQ:NBTB) Earns "Market Perform" Rating from Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods maintained a “market perform” rating on NBT Bancorp and raised its price target from $52 to $54, implying approximately 2.1% upside. Analysts overall rate the stock “Hold,” with a consensus target of $54.10.
• NBT Bancorp shares traded at $52.90, near their 52-week high of $54.50. The bank’s latest quarterly results slightly missed expectations, reporting $1.01 in EPS versus a $1.02 estimate and revenue of $186.69 million versus $188.81 million expected.
• Insiders sold 20,600 shares worth about $1.06 million during the last quarter, while institutional investors own 58.46% of the stock. Several hedge funds, including Royal Bank of Canada and Jane Street Group, increased their positions.

NBT Bancorp (NASDAQ:NBTB - Get Free Report)'s stock had its "market perform" rating restated by analysts at Keefe, Bruyette & Woods in a note issued to investors on Monday,Benzinga reports. They presently have a $54.00 target price on the bank's stock, up from their previous target price of $52.00. Keefe, Bruyette & Woods' price objective points to a potential upside of 2.09% from the stock's current price.

Other research analysts have also issued research reports about the stock. Piper Sandler raised their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Hovde Group dropped their target price on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating for the company in a research report on Monday, April 27th. Stephens lowered NBT Bancorp from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $52.00 to $55.00 in a research report on Thursday. DA Davidson upped their price objective on NBT Bancorp from $52.00 to $59.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $54.10.

NBT Bancorp Price Performance

Shares of NBTB traded up $0.24 during mid-day trading on Monday, hitting $52.90. 149,530 shares of the company traded hands, compared to its average volume of 292,776. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.94 and a beta of 0.48. The business has a 50-day moving average of $49.14 and a 200 day moving average of $45.80. NBT Bancorp has a one year low of $39.19 and a one year high of $54.50.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted 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). The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. As a group, equities analysts expect that NBT Bancorp will post 4.15 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Sarah A. Halliday sold 9,000 shares of the company's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president directly owned 22,054 shares of the company's stock, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ruth H. Mahoney sold 5,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the transaction, the executive vice president owned 16,428 shares of the company's stock, valued at approximately $765,544.80. This trade represents a 23.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,600 shares of company stock worth $1,064,573 over the last quarter. 2.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in shares of NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock worth $1,729,000 after purchasing an additional 7,349 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of NBT Bancorp by 15.9% in 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 valued at $7,102,000 after acquiring an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock valued at $3,787,000 after acquiring an additional 81,432 shares during the last quarter. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Company Profile

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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