NBT Bancorp (NASDAQ:NBTB) Releases Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Narrow earnings miss: NBT Bancorp reported $0.97 EPS for the quarter, missing the consensus by $0.01, and posted revenue of $184.48 million versus expectations of $185.36 million.
• Shares rose about 1.3% to $45.29 despite the miss; the stock trades at a P/E of 13.7 with a market cap of $2.36 billion and carries a consensus analyst rating of "Moderate Buy" with a $52 average price target.
• Dividend and insider activity: the bank pays a $0.37 quarterly dividend (3.3% yield, 44.85% payout ratio), while Director Timothy Delaney bought 22,730 shares and EVP Amy Wiles sold 4,435 shares, with insiders owning 3.03% of the stock.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) issued its earnings results on Thursday. The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01), FiscalAI reports. The company had revenue of $184.48 million for the quarter, compared to analysts' expectations of $185.36 million. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%.

NBT Bancorp Stock Up 1.3%

Shares of NBTB stock traded up $0.57 during trading hours on Thursday, hitting $45.29. 140,709 shares of the company's stock traded hands, compared to its average volume of 225,964. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The stock's fifty day simple moving average is $43.45 and its two-hundred day simple moving average is $42.74. NBT Bancorp has a 12-month low of $39.19 and a 12-month high of $46.92. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 13.72 and a beta of 0.47.

NBT Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. NBT Bancorp's dividend payout ratio (DPR) is currently 44.85%.

Insider Buying and Selling

In related news, Director Timothy E. Delaney acquired 22,730 shares of the stock in a transaction on Wednesday, January 28th. The stock was acquired at an average price of $42.97 per share, for a total transaction of $976,708.10. Following the completion of the purchase, the director owned 74,615 shares of the company's stock, valued at $3,206,206.55. This represents a 43.81% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Amy Wiles sold 4,435 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total value of $202,768.20. Following the completion of the sale, the executive vice president directly owned 21,500 shares in the company, valued at approximately $982,980. This represents a 17.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.03% of the stock is owned by company insiders.

Institutional Trading of NBT Bancorp

A number of institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in NBT Bancorp by 1,645.9% during the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after purchasing an additional 609 shares during the period. Larson Financial Group LLC grew its position in NBT Bancorp by 13,316.7% in 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 during the period. Global Retirement Partners LLC raised its stake in NBT Bancorp by 62.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock valued at $43,000 after buying an additional 399 shares during the last quarter. Quadrant Capital Group LLC bought a new position in shares of NBT Bancorp during the 4th quarter valued at $64,000. Finally, Resources Management Corp CT ADV lifted its holdings in shares of NBT Bancorp by 165.8% during the 3rd quarter. Resources Management Corp CT ADV now owns 2,724 shares of the bank's stock valued at $114,000 after buying an additional 1,699 shares during the period. Hedge funds and other institutional investors own 58.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NBTB shares. DA Davidson assumed coverage on shares of NBT Bancorp in a report on Wednesday, February 25th. They issued a "buy" rating and a $54.00 target price on the stock. Janney Montgomery Scott cut shares of NBT Bancorp from a "buy" rating to a "neutral" rating in a research report on Monday, February 23rd. Piper Sandler initiated coverage on shares of NBT Bancorp in a research note on Monday, March 16th. They set an "overweight" rating and a $50.00 price objective for the company. Brean Capital downgraded NBT Bancorp from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Finally, Weiss Ratings upgraded NBT Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, NBT Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $52.00.

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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