NBT Bancorp’s (NBTB) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of NBT Bancorp (NASDAQ:NBTB) in a research report released on Monday morning,Benzinga reports. They currently have a $61.00 price target on the bank’s stock, down from their prior price target of $62.00.

Several other equities research analysts also recently commented on NBTB. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research note on Monday, October 19th. Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. DA Davidson set a $62.00 target price on shares of NBT Bancorp in a research report on Thursday, October 29th. Stephens downgraded shares of NBT Bancorp from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $55.00 price target (down from $58.00) on shares of NBT Bancorp in a research report on Friday, October 30th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $55.90.

NBT Bancorp Trading Up 2.6%

Shares of NBTB opened at $54.00 on Monday. NBT Bancorp has a 1 year low of $39.44 and a 1 year high of $54.85. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $51.44 and a 200-day simple moving average of $47.84. The stock has a market cap of $2.81 billion, a PE ratio of 12.95 and a beta of 0.49.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Tuesday, October 27th. The bank reported $1.11 EPS for the quarter, beating the consensus estimate of $1.09 by $0.02. NBT Bancorp had a return on equity of 11.28% and a net margin of 22.87%. The business had revenue of $195.03 million for the quarter, compared to analyst estimates of $193.83 million. On average, sell-side analysts predict that NBT Bancorp will post 4.19 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.60 annualized dividend and a yield of 3.0%. NBT Bancorp’s dividend payout ratio is currently 38.37%.

Hedge Funds Weigh In On NBT Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in NBT Bancorp in the second quarter valued at approximately $369,183,000. Dimensional Fund Advisors LP raised its holdings in NBT Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank’s stock worth $99,252,000 after purchasing an additional 30,141 shares during the period. The Manufacturers Life Insurance Company raised its holdings in NBT Bancorp by 29.7% in the first quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank’s stock worth $23,856,000 after purchasing an additional 128,316 shares during the period. Bank of New York Mellon Corp acquired a new stake in NBT Bancorp in the second quarter worth $22,685,000. Finally, Ceredex Value Advisors LLC bought a new position in shares of NBT Bancorp during the second quarter worth $13,673,000. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Company Profile

NBT Bancorp Inc is the bank holding company for NBT Bank, a community banking institution headquartered in Norwich, New York. Through NBT Bank and its subsidiaries, the company provides banking, lending, investment, insurance and financial services to consumers, businesses, nonprofit organizations and municipalities.

NBT Bank offers checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services and agricultural financing.