NBT Bancorp (NASDAQ:NBTB) Sets New 1-Year High – Here’s Why

NBT Bancorp Inc. (NASDAQ:NBTB)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $48.83 and last traded at $48.7350, with a volume of 59114 shares traded. The stock had previously closed at $48.10.

Wall Street Analysts Forecast Growth

NBTB has been the topic of several research reports. DA Davidson restated a “buy” rating and issued a $52.00 target price on shares of NBT Bancorp in a report on Monday, April 27th. Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Hovde Group lowered their price target on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a report on Monday, April 27th. Finally, Piper Sandler began coverage on NBT Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $50.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.50.

NBT Bancorp Trading Up 1.1%

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.56 billion, a PE ratio of 14.03 and a beta of 0.49. The stock’s fifty day simple moving average is $45.82 and its 200 day simple moving average is $44.28.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.01). NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. The company had revenue of $184.48 million for the quarter, compared to analysts’ expectations of $185.35 million. On average, sell-side analysts predict that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.0%. NBT Bancorp’s dividend payout ratio (DPR) is 42.17%.

Insiders Place Their Bets

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the transaction, the executive vice president owned 16,428 shares in the company, valued at $765,544.80. The trade was a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director directly owned 11,560 shares in the company, valued at $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

A number of large investors have recently made changes to their positions in NBTB. EverSource Wealth Advisors LLC boosted its holdings in NBT Bancorp by 1,645.9% in the second quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank’s stock valued at $27,000 after purchasing an additional 609 shares during the last quarter. Larson Financial Group LLC grew its position in NBT Bancorp by 13,316.7% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank’s stock worth $34,000 after purchasing an additional 799 shares during the period. Bessemer Group Inc. raised its stake in shares of NBT Bancorp by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank’s stock valued at $35,000 after buying an additional 324 shares during the last quarter. Western Wealth Management LLC purchased a new position in shares of NBT Bancorp during the 1st quarter valued at about $37,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of NBT Bancorp by 62.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank’s stock valued at $43,000 after buying an additional 399 shares during the period. 58.46% of the stock is owned by hedge funds and other institutional investors.

About NBT Bancorp

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.