NBT Bancorp (NASDAQ:NBTB) Sets New 12-Month High – Should You Buy?

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) hit a new 52-week high on Wednesday . The stock traded as high as $50.92 and last traded at $50.85, with a volume of 295059 shares traded. The stock had previously closed at $44.93.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Raymond James lowered shares of NBT Bancorp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and set a $49.00 target price on shares of NBT Bancorp in a research note on Tuesday, September 10th. Finally, StockNews.com raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $42.60.

NBT Bancorp Price Performance

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 17.88 and a beta of 0.49. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average price is $45.11 and its 200-day moving average price is $42.03.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings results on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.02. The business had revenue of $202.00 million for the quarter, compared to analysts’ expectations of $144.70 million. NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same quarter in the prior year, the company earned $0.84 earnings per share. On average, equities research analysts forecast that NBT Bancorp Inc. will post 2.89 EPS for the current year.

NBT Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.34 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.36 annualized dividend and a dividend yield of 2.68%. NBT Bancorp’s dividend payout ratio is presently 47.89%.

Insider Transactions at NBT Bancorp

In related news, EVP Amy Wiles sold 556 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the sale, the executive vice president now owns 28,909 shares of the company’s stock, valued at $1,300,905. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Amy Wiles sold 556 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $45.00, for a total value of $25,020.00. Following the sale, the executive vice president now owns 28,909 shares of the company’s stock, valued at $1,300,905. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John H. Watt, Jr. sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $45.45, for a total transaction of $909,000.00. Following the completion of the sale, the director now directly owns 143,101 shares in the company, valued at approximately $6,503,940.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,556 shares of company stock valued at $5,436,790. 3.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NBT Bancorp

Several hedge funds have recently added to or reduced their stakes in NBTB. BNP Paribas Financial Markets grew its position in shares of NBT Bancorp by 51.8% during the first quarter. BNP Paribas Financial Markets now owns 22,962 shares of the bank’s stock worth $842,000 after acquiring an additional 7,831 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of NBT Bancorp by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 41,211 shares of the bank’s stock worth $1,512,000 after acquiring an additional 534 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of NBT Bancorp during the first quarter worth approximately $178,000. Inspire Investing LLC grew its position in shares of NBT Bancorp by 6.9% during the first quarter. Inspire Investing LLC now owns 9,759 shares of the bank’s stock worth $358,000 after acquiring an additional 634 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of NBT Bancorp by 978.7% during the first quarter. Russell Investments Group Ltd. now owns 90,457 shares of the bank’s stock worth $3,318,000 after acquiring an additional 82,071 shares during the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

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