NBT Bancorp (NASDAQ:NBTB) Downgraded to Sell Rating by StockNews.com

NBT Bancorp (NASDAQ:NBTB) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Separately, 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. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $42.60.

NBT Bancorp Trading Down 0.1 %

NBT Bancorp stock traded down $0.04 during trading hours on Wednesday, reaching $50.08. The stock had a trading volume of 107,117 shares, compared to its average volume of 203,956. The stock has a market cap of $2.36 billion, a PE ratio of 17.63 and a beta of 0.49. NBT Bancorp has a 52 week low of $32.79 and a 52 week high of $52.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day simple moving average of $46.13 and a 200-day simple moving average of $43.44.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings results on Monday, October 28th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $202.00 million for the quarter, compared to analyst estimates 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 last year, the firm earned $0.84 EPS. Analysts forecast that NBT Bancorp will post 2.91 EPS for the current fiscal year.

Insider Activity

In related news, Director V Daniel Robinson II sold 50,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $44.58, for a total transaction of $2,229,000.00. Following the sale, the director now owns 417,558 shares of the company’s stock, valued at $18,614,735.64. The trade was a 10.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Martin Randolph Sparks sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.37, for a total transaction of $48,370.00. Following the sale, the executive vice president now directly owns 15,003 shares in the company, valued at $725,695.11. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 182,556 shares of company stock valued at $8,540,290. Corporate insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds have recently bought and sold shares of NBTB. Victory Capital Management Inc. boosted its stake in NBT Bancorp by 540.2% during the second quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock worth $27,147,000 after acquiring an additional 593,436 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in NBT Bancorp by 36.7% in the second quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock worth $24,307,000 after buying an additional 169,180 shares during the last quarter. Eagle Asset Management Inc. raised its holdings in NBT Bancorp by 76.3% in the third quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after buying an additional 163,952 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in NBT Bancorp by 14.9% in the second quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock worth $31,978,000 after buying an additional 107,404 shares during the last quarter. Finally, Ceredex Value Advisors LLC raised its holdings in NBT Bancorp by 40.9% in the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock worth $13,680,000 after buying an additional 89,800 shares during the last quarter. Institutional investors own 58.46% 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 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.