NBT Bancorp (NASDAQ:NBTB) Upgraded by Piper Sandler to "Overweight" Rating

Key Points

• NBT Bancorp was upgraded by Piper Sandler from a "hold" to an "overweight" rating, with a price target of $47.00, indicating a potential upside of 11.43% from the current price.
• The company reported earnings of $0.88 per share for the last quarter, exceeding the consensus estimate of $0.82.
• Institutional investors own 58.46% of NBT Bancorp's shares, with significant stakes recently added by firms like State Street Corp and The Manufacturers Life Insurance Company.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) was upgraded by research analysts at Piper Sandler from a "hold" rating to an "overweight" rating in a report released on Tuesday, MarketBeat Ratings reports. The firm presently has a $47.00 price objective on the bank's stock. Piper Sandler's target price indicates a potential upside of 11.43% from the company's current price.

Several other equities research analysts also recently weighed in on NBTB. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. DA Davidson lifted their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of NBT Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $52.00.

NBT Bancorp Price Performance

NBTB stock opened at $42.18 on Tuesday. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 15.23 and a beta of 0.54. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 12-month low of $37.31 and a 12-month high of $52.44. The company's fifty day simple moving average is $42.66 and its 200 day simple moving average is $42.14.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The business had revenue of $171.15 million for the quarter, compared to analyst estimates of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, analysts expect that NBT Bancorp will post 3.69 earnings per share for the current year.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. This represents a 19.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NBT Bancorp

A number of institutional investors have recently added to or reduced their stakes in NBTB. PL Capital Advisors LLC bought a new stake in NBT Bancorp in the 2nd quarter worth about $16,326,000. State Street Corp grew its position in NBT Bancorp by 7.8% in the 2nd 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. The Manufacturers Life Insurance Company grew its position in NBT Bancorp by 63.2% in the 2nd 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. Edgestream Partners L.P. bought a new stake in NBT Bancorp in the 2nd quarter worth about $6,286,000. Finally, Geode Capital Management LLC grew its position in NBT Bancorp by 10.8% in the 2nd 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. 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.