NBT Bancorp (NASDAQ:NBTB) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• NBT Bancorp reported quarterly EPS of $1.01, $0.01 below analyst expectations, while revenue of $186.69 million also missed the $188.81 million consensus estimate.
• Shares rose to $52.52 in midday trading, near the company’s 52-week high of $53.33. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $51.50.
• The company paid a quarterly dividend of $0.37, equivalent to $1.48 annually and a 2.8% yield; institutional investors own 58.46% of outstanding shares.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) posted its quarterly earnings results on Monday. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01), FiscalAI reports. The firm had revenue of $186.69 million for the quarter, compared to analysts' expectations of $188.81 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.

NBT Bancorp Price Performance

NBT Bancorp stock traded up $0.14 during mid-day trading on Monday, reaching $52.52. The company had a trading volume of 471,733 shares, compared to its average volume of 287,336. The stock's 50-day simple moving average is $48.36 and its 200-day simple moving average is $45.43. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $53.33. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $2.73 billion, a P/E ratio of 14.96 and a beta of 0.48.

NBT Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 dividend on an annualized basis and a yield of 2.8%. NBT Bancorp's dividend payout ratio (DPR) is 42.17%.

Wall Street Analysts Forecast Growth

NBTB has been the topic of several recent analyst reports. DA Davidson reiterated a "buy" rating and set a $52.00 target price on shares of NBT Bancorp in a research report on Monday, April 27th. Piper Sandler lifted their price target on 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 price objective on NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating on the stock in a report on Monday, April 27th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.50.

Insider Activity at NBT Bancorp

In other news, EVP Ruth H. Mahoney sold 5,000 shares of the business'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 sale, the executive vice president owned 16,428 shares of the company's stock, valued at $765,544.80. The trade was a 23.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi M. Hoeller sold 2,100 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares of the company's stock, valued at $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NBTB. EverSource Wealth Advisors LLC boosted its position 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 buying an additional 609 shares in the last quarter. Larson Financial Group LLC increased its holdings in NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock valued at $34,000 after acquiring an additional 799 shares in the last quarter. Global Retirement Partners LLC raised its position in NBT Bancorp by 62.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock worth $43,000 after acquiring an additional 399 shares during the last quarter. Quadrant Capital Group LLC acquired a new position in NBT Bancorp during the fourth quarter worth about $64,000. Finally, Resources Management Corp CT ADV lifted its holdings in shares of NBT Bancorp by 165.8% in the third quarter. Resources Management Corp CT ADV now owns 2,724 shares of the bank's stock valued at $114,000 after purchasing an additional 1,699 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

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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