NBT Bancorp (NASDAQ:NBTB) Sets New 52-Week High – Here’s What Happened

Shares of NBT Bancorp Inc. (NASDAQ:NBTB) hit a new 52-week high during trading on Monday . The stock traded as high as $52.15 and last traded at $51.77, with a volume of 6469 shares trading hands. The stock had previously closed at $50.45.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NBTB. Stephens reiterated an “equal weight” rating and issued a $49.00 price target on shares of NBT Bancorp in a research report on Tuesday, September 10th. StockNews.com raised shares of NBT Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.60.

NBT Bancorp Trading Up 2.1 %

The business has a 50 day simple moving average of $45.81 and a 200 day simple moving average of $43.21. 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 market cap of $2.43 billion, a price-to-earnings ratio of 17.76 and a beta of 0.49.

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 the consensus estimate 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 EPS. As a group, equities analysts forecast that NBT Bancorp Inc. will post 2.91 EPS for the current year.

NBT Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Monday, December 2nd. NBT Bancorp’s dividend payout ratio is currently 47.89%.

Insiders Place Their Bets

In other NBT Bancorp news, Director V Daniel Robinson II sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.10, for a total value of $882,000.00. Following the transaction, the director now directly owns 517,558 shares of the company’s stock, valued at approximately $22,824,307.80. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Martin Randolph Sparks sold 1,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $48.37, for a total transaction of $48,370.00. Following the sale, the executive vice president now owns 15,003 shares of the company’s stock, 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 quarter, insiders have sold 172,556 shares of company stock valued at $8,039,690. 3.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in NBT Bancorp by 540.2% in the second quarter. Victory Capital Management Inc. now owns 703,286 shares of the bank’s stock valued at $27,147,000 after buying an additional 593,436 shares during the period. Bank of New York Mellon Corp raised its position in shares of NBT Bancorp by 36.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 629,715 shares of the bank’s stock valued at $24,307,000 after acquiring an additional 169,180 shares during the period. Eagle Asset Management Inc. boosted its stake in NBT Bancorp by 76.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 378,898 shares of the bank’s stock worth $16,759,000 after acquiring an additional 163,952 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in NBT Bancorp by 14.9% during the second quarter. Deprince Race & Zollo Inc. now owns 828,440 shares of the bank’s stock valued at $31,978,000 after purchasing an additional 107,404 shares during the period. Finally, Ceredex Value Advisors LLC increased its stake in NBT Bancorp by 40.9% in the third quarter. Ceredex Value Advisors LLC now owns 309,300 shares of the bank’s stock valued at $13,680,000 after purchasing an additional 89,800 shares in the last quarter. 58.46% of the stock is currently owned by 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 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.