NBT Bancorp (NASDAQ:NBTB) Shares Gap Down on Disappointing Earnings

NBT Bancorp Inc. (NASDAQ:NBTB)’s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $48.70, but opened at $47.71. NBT Bancorp shares last traded at $45.96, with a volume of 36,048 shares.

The bank reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period last year, the business earned $0.72 earnings per share.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.96%. NBT Bancorp’s dividend payout ratio (DPR) is presently 47.89%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. StockNews.com lowered NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. DA Davidson began coverage on shares of NBT Bancorp in a report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 price objective on the stock. Finally, Keefe, Bruyette & Woods increased their price objective 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. One analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.75.

Insider Buying and Selling at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 20,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $45.45, for a total value of $909,000.00. Following the completion of the transaction, the director now directly owns 143,101 shares in the company, valued at approximately $6,503,940.45. This represents a 12.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy E. Delaney sold 40,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $51.47, for a total value of $2,058,800.00. Following the completion of the transaction, the director now owns 38,853 shares of the company’s stock, valued at $1,999,763.91. This represents a 50.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,694 shares of company stock valued at $4,048,185. 3.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in NBT Bancorp by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,118,410 shares of the bank’s stock valued at $49,477,000 after purchasing an additional 10,628 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in NBT Bancorp by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 585,636 shares of the bank’s stock valued at $25,903,000 after buying an additional 7,294 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in 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 acquiring an additional 163,952 shares in the last quarter. Ceredex Value Advisors LLC boosted its holdings in NBT Bancorp by 40.9% during the 3rd quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after acquiring an additional 89,800 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of NBT Bancorp in the 4th quarter worth $12,007,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87. The company’s 50 day moving average price is $48.86 and its 200-day moving average price is $46.93. The stock has a market cap of $2.17 billion, a P/E ratio of 16.17 and a beta of 0.53.

About NBT Bancorp

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.