NBT Bancorp Inc. (NBTB) Downgraded to Strong Sell at BidaskClub

BidaskClub cut shares of NBT Bancorp Inc. (NASDAQ:NBTB) from a sell rating to a strong sell rating in a research report sent to investors on Monday, July 31st.

Several other analysts have also weighed in on the company. Zacks Investment Research raised NBT Bancorp from a hold rating to a buy rating and set a $44.00 price objective for the company in a report on Thursday, April 27th. Piper Jaffray Companies raised NBT Bancorp from an underweight rating to a neutral rating and set a $35.50 price objective for the company in a report on Thursday, June 8th. Keefe, Bruyette & Woods restated a hold rating and issued a $38.50 target price on shares of NBT Bancorp in a research note on Tuesday, July 25th. Finally, ValuEngine upgraded NBT Bancorp from a hold rating to a buy rating in a research note on Tuesday, July 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $36.75.

NBT Bancorp (NASDAQ NBTB) traded down 1.47% on Monday, hitting $33.46. The stock had a trading volume of 88,061 shares. The company has a market cap of $1.46 billion, a PE ratio of 17.99 and a beta of 0.88. NBT Bancorp has a 12 month low of $30.28 and a 12 month high of $42.56. The company has a 50-day moving average of $36.25 and a 200 day moving average of $37.92.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, July 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.01. NBT Bancorp had a return on equity of 8.81% and a net margin of 19.68%. The business had revenue of $99.93 million for the quarter, compared to analyst estimates of $100.91 million. During the same period in the previous year, the company earned $0.46 earnings per share. On average, analysts predict that NBT Bancorp will post $1.95 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Wednesday, August 30th. NBT Bancorp’s dividend payout ratio (DPR) is 49.46%.

In other news, Director John C. Mitchell sold 1,438 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $35.48, for a total transaction of $51,020.24. Following the sale, the director now directly owns 32,781 shares of the company’s stock, valued at $1,163,069.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John C. Mitchell sold 1,570 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $36.27, for a total transaction of $56,943.90. Following the completion of the transaction, the director now directly owns 34,219 shares in the company, valued at $1,241,123.13. The disclosure for this sale can be found here. 2.83% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of NBT Bancorp by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,974,934 shares of the bank’s stock worth $72,975,000 after buying an additional 23,784 shares during the last quarter. Citadel Advisors LLC raised its stake in shares of NBT Bancorp by 440.7% in the second quarter. Citadel Advisors LLC now owns 72,367 shares of the bank’s stock worth $2,674,000 after buying an additional 58,984 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of NBT Bancorp by 1.9% in the second quarter. Parametric Portfolio Associates LLC now owns 119,545 shares of the bank’s stock worth $4,417,000 after buying an additional 2,250 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of NBT Bancorp by 0.7% in the second quarter. Vanguard Group Inc. now owns 4,097,601 shares of the bank’s stock worth $151,407,000 after buying an additional 30,239 shares during the last quarter. Finally, Biondo Investment Advisors LLC bought a new stake in shares of NBT Bancorp during the second quarter worth approximately $201,000. Institutional investors and hedge funds own 49.90% of the company’s stock.

About NBT Bancorp

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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