NBT Bancorp (NBTB) Downgraded to “Sell” at BidaskClub

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BidaskClub downgraded shares of NBT Bancorp (NASDAQ:NBTB) from a hold rating to a sell rating in a research report sent to investors on Thursday.

Several other brokerages also recently commented on NBTB. Zacks Investment Research raised shares of NBT Bancorp from a sell rating to a hold rating in a report on Friday, July 27th. Boenning Scattergood reissued a hold rating on shares of NBT Bancorp in a report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $41.83.

Shares of NBTB stock opened at $39.78 on Thursday. The stock has a market cap of $1.74 billion, a P/E ratio of 17.68 and a beta of 0.86. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.18. NBT Bancorp has a 52 week low of $34.05 and a 52 week high of $41.88.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, July 23rd. The bank reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. The business had revenue of $109.90 million during the quarter, compared to the consensus estimate of $108.45 million. NBT Bancorp had a net margin of 20.92% and a return on equity of 10.30%. NBT Bancorp’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 EPS. research analysts forecast that NBT Bancorp will post 2.53 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, August 30th. NBT Bancorp’s dividend payout ratio is currently 50.76%.

In other NBT Bancorp news, EVP Sarah A. Halliday acquired 850 shares of the business’s stock in a transaction on Friday, August 10th. The stock was purchased at an average price of $39.18 per share, with a total value of $33,303.00. Following the acquisition, the executive vice president now directly owns 5,712 shares of the company’s stock, valued at approximately $223,796.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Joseph R. Stagliano sold 5,500 shares of the business’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $41.45, for a total transaction of $227,975.00. Following the completion of the sale, the executive vice president now directly owns 59,737 shares of the company’s stock, valued at approximately $2,476,098.65. The disclosure for this sale can be found here. Insiders own 3.23% of the company’s stock.

Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of NBT Bancorp by 6.1% in the 2nd quarter. BlackRock Inc. now owns 6,022,871 shares of the bank’s stock valued at $229,772,000 after buying an additional 344,106 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of NBT Bancorp by 2.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,148,956 shares of the bank’s stock valued at $81,983,000 after buying an additional 44,075 shares in the last quarter. Northern Trust Corp raised its position in shares of NBT Bancorp by 0.9% in the 2nd quarter. Northern Trust Corp now owns 1,108,867 shares of the bank’s stock valued at $42,304,000 after buying an additional 10,087 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of NBT Bancorp by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 334,132 shares of the bank’s stock valued at $11,855,000 after buying an additional 8,337 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of NBT Bancorp by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 310,296 shares of the bank’s stock valued at $11,838,000 after buying an additional 15,552 shares in the last quarter. Institutional investors own 52.28% 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 commercial, commercial real estate, agricultural, agricultural real estate, and business banking loans; consumer loans, such as indirect, home equity, and direct loans; and residential real estate mortgages, as well as real estate construction and development loans.

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