NBT Bancorp (NASDAQ:NBTB) Shares Gap Down to $45.95

NBT Bancorp Inc. (NASDAQ:NBTB)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $45.95, but opened at $45.00. NBT Bancorp shares last traded at $44.01, with a volume of 133,388 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NBTB. Raymond James downgraded NBT Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 24th. Stephens reissued an “equal weight” rating and set a $49.00 price target on shares of NBT Bancorp in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.60.

NBT Bancorp Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a 50 day moving average of $45.60 and a 200-day moving average of $39.27. The company has a market cap of $2.06 billion, a PE ratio of 16.91 and a beta of 0.50.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 22nd. The bank reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). NBT Bancorp had a net margin of 16.15% and a return on equity of 9.64%. The firm had revenue of $194.00 million during the quarter, compared to analysts’ expectations of $139.02 million. During the same quarter in the prior year, the company earned $0.80 EPS. Equities analysts predict that NBT Bancorp Inc. will post 2.86 earnings per share for the current year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a yield of 3.11%. NBT Bancorp’s payout ratio is currently 52.51%.

Insider Buying and Selling at NBT Bancorp

In related news, EVP Sarah A. Halliday sold 1,325 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $35.66, for a total transaction of $47,249.50. Following the sale, the executive vice president now directly owns 32,402 shares of the company’s stock, valued at $1,155,455.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On NBT Bancorp

Several institutional investors and hedge funds have recently modified their holdings of NBTB. State Board of Administration of Florida Retirement System increased its stake in shares of NBT Bancorp by 150.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 32,747 shares of the bank’s stock worth $1,104,000 after purchasing an additional 19,661 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of NBT Bancorp in the first quarter valued at approximately $796,000. Charles Schwab Investment Management Inc. boosted its stake in shares of NBT Bancorp by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 530,209 shares of the bank’s stock worth $22,221,000 after acquiring an additional 25,528 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of NBT Bancorp during the fourth quarter worth approximately $11,434,000. Finally, Russell Investments Group Ltd. raised its position in shares of NBT Bancorp by 978.7% in the first quarter. Russell Investments Group Ltd. now owns 90,457 shares of the bank’s stock valued at $3,318,000 after buying an additional 82,071 shares during the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

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 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.