Weiss Ratings Reaffirms "Hold (C+)" Rating for NBT Bancorp (NASDAQ:NBTB)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for NBT Bancorp (NASDAQ:NBTB), reflecting cautious sentiment among analysts regarding the stock's performance.
• Recent reports show differing perspectives among analysts, with DA Davidson upgrading its rating to "buy" and setting a target price of $55.00, while the stock currently has a consensus rating of "Hold" with a target price of $52.00.
• NBT Bancorp reported a quarterly earnings per share (EPS) of $0.88, surpassing the consensus estimate of $0.82, indicating a positive financial performance.

NBT Bancorp (NASDAQ:NBTB - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by equities research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

NBTB has been the subject of several other reports. DA Davidson increased their price objective on NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price target for the company in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $52.00.

NBT Bancorp Stock Down 0.3%

Shares of NBT Bancorp stock opened at $41.16 on Wednesday. The stock has a 50-day moving average price of $42.70 and a 200 day moving average price of $42.24. The company has a market cap of $2.16 billion, a P/E ratio of 14.86 and a beta of 0.54. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 1 year low of $37.31 and a 1 year high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. As a group, analysts expect that NBT Bancorp will post 3.69 EPS for the current fiscal year.

Insider Buying and Selling at NBT Bancorp

In related news, Director David J. Nasca sold 19,603 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total value of $851,162.26. Following the transaction, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. This trade represents a 19.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.03% of the company's stock.

Institutional Trading of NBT Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans grew its holdings in NBT Bancorp by 37.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 47,573 shares of the bank's stock valued at $1,977,000 after buying an additional 12,924 shares during the last quarter. Asset Dedication LLC grew its holdings in NBT Bancorp by 6.1% in the 2nd quarter. Asset Dedication LLC now owns 7,042 shares of the bank's stock valued at $293,000 after buying an additional 402 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in NBT Bancorp in the 2nd quarter valued at approximately $885,000. Public Sector Pension Investment Board grew its holdings in NBT Bancorp by 19.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 178,396 shares of the bank's stock valued at $7,412,000 after buying an additional 28,802 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of NBT Bancorp by 5.9% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 48,304 shares of the bank's stock worth $2,008,000 after purchasing an additional 2,695 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.

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