NBT Bancorp (NASDAQ:NBTB) Hits New 12-Month High - Still a Buy?

Key Points

• NBT Bancorp reached a new 52-week high, trading as high as $54.85; it was last quoted at $53.82, up from the prior close of $52.61.
• Analyst views are mixed but lean neutral: three analysts rate the stock Buy and five Hold, with an average rating of Hold and an average price target of $55.90.
• The bank beat quarterly earnings and revenue estimates, reporting EPS of $1.11 and revenue of $195.03 million. It also declared a $0.40 quarterly dividend, equivalent to a 3.0% annual yield.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $54.85 and last traded at $53.8150, with a volume of 18,124 shares traded. The stock had previously closed at $52.61.

Wall Street Analyst Weigh In

NBTB has been the subject of a number of analyst reports. Stephens lowered NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. Piper Sandler reiterated an "overweight" rating and issued a $61.00 target price (down from $62.00) on shares of NBT Bancorp in a research note on Monday. DA Davidson set a $62.00 target price on shares of NBT Bancorp in a research note on Thursday, October 29th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a report on Monday, October 19th. 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, NBT Bancorp currently has an average rating of "Hold" and an average price target of $55.90.

NBT Bancorp Stock Performance

The company has a 50-day simple moving average of $51.39 and a two-hundred day simple moving average of $47.79. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2.81 billion, a PE ratio of 12.95 and a beta of 0.49.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.02. NBT Bancorp had a return on equity of 11.28% and a net margin of 22.87%. The firm had revenue of $195.03 million during the quarter, compared to the consensus estimate of $193.83 million. As a group, equities research analysts forecast that NBT Bancorp Inc. will post 4.19 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, December 1st. NBT Bancorp's payout ratio is 38.37%.

Hedge Funds Weigh In On NBT Bancorp

Several institutional investors have recently added to or reduced their stakes in NBTB. IFP Advisors Inc increased its position in NBT Bancorp by 0.9% in the second quarter. IFP Advisors Inc now owns 25,034 shares of the bank's stock worth $1,236,000 after buying an additional 216 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of NBT Bancorp by 4.2% during the 1st quarter. Private Advisor Group LLC now owns 5,809 shares of the bank's stock valued at $247,000 after buying an additional 233 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of NBT Bancorp by 7.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,622 shares of the bank's stock valued at $182,000 after buying an additional 254 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of NBT Bancorp by 4.1% during the 3rd quarter. Pictet Asset Management Holding SA now owns 7,514 shares of the bank's stock valued at $377,000 after buying an additional 294 shares during the last quarter. Finally, Ascent Wealth Partners LLC grew its stake in shares of NBT Bancorp by 6.1% during the 1st quarter. Ascent Wealth Partners LLC now owns 5,353 shares of the bank's stock worth $228,000 after acquiring an additional 309 shares during the period. Institutional investors own 58.46% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.

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