Wall Street Zen Upgrades NBT Bancorp (NASDAQ:NBTB) to “Hold”

NBT Bancorp (NASDAQ:NBTB) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently commented on NBTB. Piper Sandler raised their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Stephens downgraded shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $52.00 to $55.00 in a research report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. DA Davidson raised their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $54.10.

NBT Bancorp Price Performance

NASDAQ:NBTB opened at $51.73 on Friday. NBT Bancorp has a 1 year low of $39.19 and a 1 year high of $54.50. The stock has a 50-day moving average price of $51.99 and a two-hundred day moving average price of $47.38. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 12.65 and a beta of 0.47. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB) last released its quarterly earnings results on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The business had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. As a group, equities analysts expect that NBT Bancorp will post 4.15 earnings per share for the current year.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 4,500 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the sale, the executive vice president owned 11,928 shares of the company’s stock, valued at $647,690.40. The trade was a 27.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. The trade was a 28.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Several institutional investors have recently made changes to their positions in NBTB. Royal Bank of Canada lifted its position in shares of NBT Bancorp by 22.3% during the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock valued at $1,729,000 after acquiring an additional 7,349 shares during the period. AQR Capital Management LLC increased its position in shares of NBT Bancorp by 45.0% in the first quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock worth $585,000 after purchasing an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in NBT Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock valued at $1,175,000 after purchasing an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in NBT Bancorp by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock valued at $7,102,000 after purchasing an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in NBT Bancorp by 1,188.4% during the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock worth $3,787,000 after purchasing an additional 81,432 shares during the period. 58.46% of the stock is currently owned by institutional investors.

About NBT Bancorp

NBT Bancorp Inc is a bank holding company headquartered in Norwich, New York. Through its principal subsidiary, NBT Bank, the company provides a range of financial services to individuals, families, businesses and municipal entities.

NBT Bank’s offerings include checking and savings accounts, consumer and residential lending, commercial loans, mortgages, credit cards and digital banking services. Through affiliated businesses, NBT Bancorp also provides wealth management, investment services and insurance products.

Founded in 1856 as the Bank of Norwich, NBT Bank has expanded from its original New York market to serve communities across the Northeast.