NBT Bancorp (NASDAQ:NBTB) Sets New 12-Month High - Should You Buy?

Key Points

• NBT Bancorp shares hit a new 52-week high, trading as high as $50.33 and closing near $50 after the move. The stock has outperformed its recent averages, with the 50-day and 200-day moving averages at $46.08 and $44.42, respectively.
• Analyst sentiment is mixed but generally constructive, with an average rating of “Moderate Buy” and an average price target of $51.50. Recent calls included upgrades from Weiss Ratings and Piper Sandler, while Hovde Group trimmed its target and kept a market-perform view.
• The company reported slightly weaker-than-expected earnings for the latest quarter, posting $0.97 EPS versus the $0.98 estimate. NBT Bancorp also pays a quarterly dividend of $0.37, or a 2.9% annualized yield, while insiders recently sold shares and institutions remain major holders.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $50.33 and last traded at $50.0280, with a volume of 31534 shares trading hands. The stock had previously closed at $49.37.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NBTB shares. Weiss Ratings upgraded NBT Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. Hovde Group cut their price objective on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating on the stock in a report on Monday, April 27th. Piper Sandler boosted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, DA Davidson restated a "buy" rating and set a $52.00 price objective on shares of NBT Bancorp in a research report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $51.50.

NBT Bancorp Price Performance

The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 14.36 and a beta of 0.49. The company has a fifty day moving average price of $46.08 and a two-hundred day moving average price of $44.42. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09.

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

NBT Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp's dividend payout ratio is presently 42.17%.

Insider Activity

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the company'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 sale, the executive vice president directly owned 16,428 shares of the company's stock, valued at $765,544.80. This represents a 23.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the 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 sale, 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 SEC filing for this sale provides additional information. 2.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds have recently modified their holdings of NBTB. EverSource Wealth Advisors LLC increased its stake in NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after buying an additional 609 shares during the period. Larson Financial Group LLC lifted its stake in shares of 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 acquiring an additional 799 shares during the period. Bessemer Group Inc. boosted its holdings in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock valued at $35,000 after acquiring an additional 324 shares in the last quarter. Western Wealth Management LLC acquired a new position in shares of NBT Bancorp during the first quarter worth about $37,000. Finally, Global Retirement Partners LLC increased its stake in shares of 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 period. 58.46% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.