NBT Bancorp (NASDAQ:NBTB) has been assigned a $38.00 target price by equities research analysts at Sandler O’Neill in a research note issued to investors on Wednesday. The firm presently has a “hold” rating on the bank’s stock. Sandler O’Neill’s price target points to a potential upside of 4.77% from the company’s current price.
Other analysts have also recently issued reports about the company. Zacks Investment Research raised NBT Bancorp from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research report on Wednesday. BidaskClub cut NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $38.00 price objective on shares of NBT Bancorp in a research report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $35.00 price objective on shares of NBT Bancorp in a research report on Sunday, September 17th. Six research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. NBT Bancorp has a consensus rating of “Hold” and an average price target of $38.25.
Shares of NBT Bancorp (NASDAQ NBTB) traded down $0.46 during trading hours on Wednesday, reaching $36.27. The company had a trading volume of 111,456 shares, compared to its average volume of 120,700. NBT Bancorp has a 52 week low of $31.28 and a 52 week high of $42.56. The stock has a market cap of $1,580.00, a P/E ratio of 18.99 and a beta of 0.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.83 and a current ratio of 0.83.
NBT Bancorp (NASDAQ:NBTB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The business had revenue of $102.71 million for the quarter, compared to analysts’ expectations of $101.31 million. NBT Bancorp had a return on equity of 9.01% and a net margin of 20.02%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. equities research analysts anticipate that NBT Bancorp will post 1.97 earnings per share for the current fiscal year.
NBT Bancorp declared that its Board of Directors has approved a share buyback plan on Monday, October 23rd that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director V Daniel Robinson II sold 25,000 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $38.58, for a total value of $964,500.00. Following the completion of the transaction, the director now owns 10,141 shares of the company’s stock, valued at approximately $391,239.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 65,000 shares of company stock valued at $2,509,900. 3.07% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of NBTB. GSA Capital Partners LLP lifted its stake in shares of NBT Bancorp by 530.8% during the third quarter. GSA Capital Partners LLP now owns 37,142 shares of the bank’s stock worth $1,364,000 after buying an additional 31,254 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of NBT Bancorp by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after purchasing an additional 42,291 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of NBT Bancorp by 24.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock worth $9,994,000 after purchasing an additional 53,832 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of NBT Bancorp by 39.6% during the third quarter. Wells Fargo & Company MN now owns 61,329 shares of the bank’s stock worth $2,252,000 after purchasing an additional 17,399 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of NBT Bancorp by 29.3% during the third quarter. JPMorgan Chase & Co. now owns 98,734 shares of the bank’s stock worth $3,633,000 after purchasing an additional 22,362 shares during the last quarter. 49.44% of the stock is currently owned by institutional investors.
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About NBT Bancorp
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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