Zacks Investment Research upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a strong sell rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
Several other brokerages have also recently issued reports on NBTB. Boenning Scattergood reissued a hold rating on shares of NBT Bancorp in a research note on Wednesday, January 24th. BidaskClub raised shares of NBT Bancorp from a sell rating to a hold rating in a research note on Thursday, January 11th. Keefe, Bruyette & Woods reissued a hold rating and set a $41.50 price objective on shares of NBT Bancorp in a research note on Tuesday, February 27th. Finally, Sandler O’Neill set a $38.00 price objective on shares of NBT Bancorp and gave the company a hold rating in a research note on Wednesday, January 3rd. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. NBT Bancorp currently has a consensus rating of Hold and a consensus price target of $39.13.
NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, January 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.03). NBT Bancorp had a net margin of 19.07% and a return on equity of 9.16%. The company had revenue of $104.92 million for the quarter, compared to analysts’ expectations of $103.52 million. During the same period in the prior year, the firm earned $0.45 earnings per share. sell-side analysts expect that NBT Bancorp will post 2.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, May 31st. NBT Bancorp’s dividend payout ratio is 46.70%.
In related news, Director Robert A. Wadsworth sold 1,625 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $37.20, for a total transaction of $60,450.00. Following the completion of the sale, the director now directly owns 16,194 shares of the company’s stock, valued at approximately $602,416.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael J. Chewens sold 4,190 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $38.41, for a total transaction of $160,937.90. Following the sale, the chief financial officer now directly owns 59,443 shares of the company’s stock, valued at $2,283,205.63. The disclosure for this sale can be found here. 3.07% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. CIBC Asset Management Inc purchased a new stake in NBT Bancorp during the 4th quarter worth $208,000. Crossmark Global Holdings Inc. purchased a new stake in NBT Bancorp during the 3rd quarter worth $239,000. Quadrant Private Wealth Management LLC purchased a new stake in NBT Bancorp during the 4th quarter worth $250,000. Xact Kapitalforvaltning AB purchased a new position in NBT Bancorp in the 4th quarter valued at about $279,000. Finally, Metropolitan Life Insurance Co. NY purchased a new position in NBT Bancorp in the 4th quarter valued at about $505,000. 51.21% of the stock is owned by hedge funds and other institutional investors.
NBT Bancorp Company Profile
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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