NBT Bancorp (NASDAQ:NBTB) Hits New 52-Week High - What's Next?

Key Points

• NBT Bancorp shares hit a new 52-week high on Wednesday, reaching as high as $51.22 before last trading around $51.35. The move came on moderate volume of 33,640 shares.
• Analysts are generally constructive on the stock, with Piper Sandler raising its price target to $56 and DA Davidson reiterating a buy rating with a $52 target. MarketBeat data shows a consensus rating of “Moderate Buy” with an average target price of $51.50.
• Recent fundamentals and shareholder activity were mixed: the company missed quarterly EPS expectations by $0.01, but it also pays a $0.37 quarterly dividend yielding about 2.9%. Meanwhile, two insiders sold shares in June, even as institutional ownership remains high at 58.46%.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The stock traded as high as $51.22 and last traded at $51.3510, with a volume of 33640 shares changing hands. The stock had previously closed at $50.64.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NBTB shares. Piper Sandler increased their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. DA Davidson reaffirmed a "buy" rating and issued a $52.00 target price on shares of NBT Bancorp in a report on Monday, April 27th. Weiss Ratings raised NBT Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Finally, Hovde Group lowered their price objective 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. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $51.50.

NBT Bancorp Price Performance

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The firm's fifty day moving average price is $47.20 and its 200 day moving average price is $44.86. The stock has a market cap of $2.68 billion, a PE ratio of 14.67 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.98 by ($0.01). The company had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.35 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. As a group, equities analysts expect that NBT Bancorp Inc. will post 4.14 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.37 per share. The ex-dividend date was Monday, June 1st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. NBT Bancorp's dividend payout ratio (DPR) is presently 42.17%.

Insider Activity

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the transaction, the executive vice president owned 16,428 shares in the company, valued at $765,544.80. This trade represents a 23.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the sale, the director directly owned 11,560 shares in the company, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.99% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NBTB. EverSource Wealth Advisors LLC increased its position in NBT Bancorp by 1,645.9% in the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock worth $27,000 after purchasing an additional 609 shares during the last quarter. Larson Financial Group LLC lifted its position in NBT Bancorp by 13,316.7% during the third quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock valued at $34,000 after purchasing an additional 799 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after buying an additional 324 shares in the last quarter. Western Wealth Management LLC purchased a new position in shares of NBT Bancorp in the 1st quarter worth $37,000. Finally, Global Retirement Partners LLC increased its holdings in shares of NBT Bancorp by 62.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock worth $43,000 after buying an additional 399 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors.

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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