NBT Bancorp (NASDAQ:NBTB) Sets New 52-Week High - Here's What Happened

Key Points

• NBT Bancorp hit a new 52-week high, trading as high as $48.83 after closing at $48.10 the prior day, signaling continued momentum in the stock.
• Analysts remain generally constructive, with a consensus rating of Moderate Buy and an average price target of $49.50; several firms recently reiterated or initiated bullish ratings, including DA Davidson’s $52 target.
• The company recently reported quarterly EPS of $0.97, narrowly missing expectations, while also paying a $0.37 quarterly dividend that works out to a 3.0% annual yield.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $48.83 and last traded at $48.7350, with a volume of 59114 shares trading hands. The stock had previously closed at $48.10.

Analysts Set New Price Targets

A number of research firms have commented on NBTB. DA Davidson restated a "buy" rating and issued a $52.00 price target on shares of NBT Bancorp in a report on Monday, April 27th. Weiss Ratings raised shares of NBT Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Piper Sandler initiated coverage on NBT Bancorp in a research note on Monday, March 16th. They set an "overweight" rating and a $50.00 price target on the stock. Finally, Hovde Group cut their price target 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. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $49.50.

NBT Bancorp Stock Performance

The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 13.90 and a beta of 0.49. The company's fifty day simple moving average is $45.67 and its two-hundred day simple moving average is $44.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.98 by ($0.01). NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. The business had revenue of $184.48 million for the quarter, compared to analyst estimates of $185.35 million. On average, analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp's payout ratio is currently 42.17%.

Insider Activity at NBT Bancorp

In other news, 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 completion of the sale, the director directly owned 11,560 shares of the company's stock, valued at $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ruth H. Mahoney sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $46.60, for a total value of $233,000.00. Following the completion of the transaction, the executive vice president owned 16,428 shares in the company, valued at $765,544.80. This represents a 23.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.99% of the company's stock.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds have recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new position in shares of NBT Bancorp during the third quarter valued at about $4,886,000. SG Americas Securities LLC increased its stake in NBT Bancorp by 195.7% in the 4th quarter. SG Americas Securities LLC now owns 71,852 shares of the bank's stock valued at $2,983,000 after buying an additional 47,550 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of NBT Bancorp by 26.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank's stock worth $13,986,000 after buying an additional 70,594 shares in the last quarter. Financial Planning Hawaii Inc. bought a new position in shares of NBT Bancorp during the 4th quarter worth approximately $641,000. Finally, IFP Advisors Inc boosted its stake in shares of NBT Bancorp by 85,479.3% in the 4th quarter. IFP Advisors Inc now owns 24,818 shares of the bank's stock worth $1,030,000 after buying an additional 24,789 shares during the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

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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