Zacks Investment Research Lowers NBT Bancorp (NASDAQ:NBTB) to Sell

Zacks Investment Research cut shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “

Several other equities research analysts have also issued reports on the company. BidaskClub lowered NBT Bancorp from a hold rating to a sell rating in a research note on Thursday, May 14th. Stephens initiated coverage on NBT Bancorp in a research note on Monday, June 1st. They set an equal weight rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $38.67.

Shares of NASDAQ:NBTB opened at $29.24 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of 12.66 and a beta of 0.67. NBT Bancorp has a 52-week low of $26.32 and a 52-week high of $41.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.88 and a current ratio of 0.88. The business’s 50 day simple moving average is $30.42 and its two-hundred day simple moving average is $34.58.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, April 27th. The bank reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.27). The company had revenue of $112.60 million during the quarter, compared to analysts’ expectations of $111.64 million. NBT Bancorp had a net margin of 20.00% and a return on equity of 9.28%. On average, equities analysts forecast that NBT Bancorp will post 2.07 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Cornell Pochily Investment Advisors Inc. bought a new stake in NBT Bancorp during the first quarter worth about $220,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NBT Bancorp by 60.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,438 shares of the bank’s stock valued at $144,000 after acquiring an additional 1,677 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of NBT Bancorp by 17.1% during the 4th quarter. ProShare Advisors LLC now owns 6,991 shares of the bank’s stock valued at $284,000 after buying an additional 1,020 shares during the period. Amalgamated Bank lifted its holdings in shares of NBT Bancorp by 8.2% during the 4th quarter. Amalgamated Bank now owns 7,093 shares of the bank’s stock valued at $288,000 after buying an additional 540 shares during the period. Finally, CWM Advisors LLC bought a new position in shares of NBT Bancorp during the 1st quarter valued at $236,000. 56.02% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Company Profile

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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