BidaskClub Upgrades NBT Bancorp (NASDAQ:NBTB) to “Hold”

BidaskClub upgraded shares of NBT Bancorp (NASDAQ:NBTB) from a sell rating to a hold rating in a report published on Saturday, BidAskClub reports.

Other research analysts have also issued reports about the stock. Boenning Scattergood reissued a neutral rating on shares of NBT Bancorp in a research note on Wednesday, July 24th. Zacks Investment Research raised shares of Zymeworks from a hold rating to a buy rating and set a $19.00 target price on the stock in a research note on Saturday, April 27th.

Shares of NBT Bancorp stock opened at $38.69 on Friday. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 15.11 and a beta of 0.84. NBT Bancorp has a twelve month low of $30.36 and a twelve month high of $41.46. The company has a 50-day moving average of $37.26. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.86.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. The firm had revenue of $112.87 million for the quarter, compared to analyst estimates of $112.65 million. NBT Bancorp had a net margin of 24.08% and a return on equity of 11.47%. During the same period last year, the company posted $0.64 EPS. On average, equities analysts anticipate that NBT Bancorp will post 2.64 EPS for the current fiscal year.

In other NBT Bancorp news, CFO Michael J. Chewens sold 5,103 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $37.69, for a total value of $192,332.07. Following the transaction, the chief financial officer now directly owns 54,704 shares of the company’s stock, valued at approximately $2,061,793.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.29% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NBTB. Norges Bank acquired a new stake in shares of NBT Bancorp during the 4th quarter worth approximately $8,604,000. Joseph P. Lucia & Associates LLC acquired a new stake in shares of NBT Bancorp during the 1st quarter worth approximately $4,500,000. Geode Capital Management LLC increased its holdings in NBT Bancorp by 7.6% in the 4th quarter. Geode Capital Management LLC now owns 522,568 shares of the bank’s stock valued at $18,075,000 after purchasing an additional 37,002 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in NBT Bancorp in the 1st quarter valued at approximately $1,180,000. Finally, Walthausen & Co. LLC increased its holdings in NBT Bancorp by 16.8% in the 1st quarter. Walthausen & Co. LLC now owns 212,120 shares of the bank’s stock valued at $7,638,000 after purchasing an additional 30,520 shares during the last quarter. Institutional investors and hedge funds own 54.05% of the company’s stock.

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 commercial and industrial, commercial real estate, agricultural, and commercial construction loans; indirect and direct consumer, home equity, direct loans, mortgages, business banking loans, and commercial loans; and residential real estate loans, as well as development loans.

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