NBT Bancorp (NASDAQ:NBTB) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded NBT Bancorp from “hold” to “sell,” while the broader analyst consensus remains “hold,” with three buy ratings and five hold ratings and an average price target of $54.10.
• NBT Bancorp shares opened at $53.56, near their 52-week high of $54.50. The bank slightly missed quarterly expectations, reporting $1.01 in EPS versus the $1.02 consensus and revenue of $186.69 million versus estimates of $188.81 million.
• Insiders sold 20,600 shares worth approximately $1.06 million over the past 90 days, while institutional investors and hedge funds own 58.46% of the company.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

A number of other brokerages have also issued reports on NBTB. Hovde Group lowered their target price on shares of 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. DA Davidson upped their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Stephens cut shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Keefe, Bruyette & Woods reissued a "hold" rating and set a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Finally, Piper Sandler lifted their price objective 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. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, NBT Bancorp has an average rating of "Hold" and an average target price of $54.10.

NBT Bancorp Stock Down 0.0%

NBT Bancorp stock opened at $53.56 on Friday. The company has a market capitalization of $2.78 billion, a P/E ratio of 13.10 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. NBT Bancorp has a fifty-two week low of $39.19 and a fifty-two week high of $54.50. The stock has a 50-day simple moving average of $50.55 and a 200-day simple moving average of $46.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. Equities research analysts expect that NBT Bancorp will post 4.15 earnings per share for the current year.

Insider Transactions at NBT Bancorp

In other news, EVP Ruth H. Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the sale, the executive vice president owned 11,928 shares of the company's stock, valued at $647,690.40. The trade was a 27.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction that occurred 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 sale, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. This represents a 28.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 20,600 shares of company stock worth $1,064,573 over the last 90 days. 2.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its holdings in NBT Bancorp by 1,645.9% in the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after acquiring an additional 609 shares during the period. Larson Financial Group LLC boosted its position in shares of NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock worth $34,000 after purchasing an additional 799 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of NBT Bancorp by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after purchasing an additional 324 shares during the period. Western Wealth Management LLC acquired a new position in shares of NBT Bancorp during the 1st quarter worth $37,000. Finally, Global Retirement Partners LLC purchased a new position in shares of NBT Bancorp in the 2nd quarter valued at about $49,000. 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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