NBT Bancorp (NASDAQ:NBTB) Rating Increased to Strong-Buy at DA Davidson

NBT Bancorp (NASDAQ:NBTB) was upgraded by analysts at DA Davidson to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Stephens reissued an “equal weight” rating and set a $49.00 price objective on shares of NBT Bancorp in a research report on Tuesday, September 10th. StockNews.com upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.17.

NBT Bancorp Stock Performance

Shares of NBT Bancorp stock opened at $51.68 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17. The business has a fifty day simple moving average of $47.50 and a two-hundred day simple moving average of $44.35. The firm has a market capitalization of $2.44 billion, a P/E ratio of 18.20 and a beta of 0.52. NBT Bancorp has a 12 month low of $32.79 and a 12 month high of $52.31.

NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Monday, October 28th. The bank reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. The business had revenue of $202.00 million for the quarter, compared to analyst estimates of $144.70 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, equities analysts forecast that NBT Bancorp will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling at NBT Bancorp

In related news, Director John H. Watt, Jr. sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $45.45, for a total value of $909,000.00. Following the transaction, the director now owns 143,101 shares of the company’s stock, valued at approximately $6,503,940.45. This trade represents a 12.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Amy Wiles sold 556 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $45.00, for a total transaction of $25,020.00. Following the sale, the executive vice president now directly owns 28,909 shares of the company’s stock, valued at approximately $1,300,905. This represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,556 shares of company stock worth $5,380,920. Insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Hedge funds have recently modified their holdings of the business. Eagle Asset Management Inc. lifted its position in shares of NBT Bancorp by 76.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock valued at $16,759,000 after buying an additional 163,952 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new position in NBT Bancorp during the third quarter valued at approximately $439,000. Edgestream Partners L.P. bought a new position in shares of NBT Bancorp in the second quarter worth approximately $1,974,000. Ceredex Value Advisors LLC increased its stake in shares of NBT Bancorp by 2.6% in the second quarter. Ceredex Value Advisors LLC now owns 219,500 shares of the bank’s stock worth $8,473,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Raymond James & Associates raised its position in shares of NBT Bancorp by 3.9% during the 3rd quarter. Raymond James & Associates now owns 95,062 shares of the bank’s stock valued at $4,205,000 after purchasing an additional 3,540 shares during the period. Institutional investors 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.