NBT Bancorp (NASDAQ:NBTB) Coverage Initiated by Analysts at Hovde Group

Hovde Group began coverage on shares of NBT Bancorp (NASDAQ:NBTB) in a research report issued to clients and investors on Friday, Marketbeat reports. The firm set a “market perform” rating and a $50.00 price target on the bank’s stock. Hovde Group’s price objective points to a potential upside of 15.77% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Stephens upgraded shares of NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 target price on the stock in a report on Wednesday, January 29th. Keefe, Bruyette & Woods upped their target price on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com lowered shares of NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, DA Davidson initiated coverage on shares of NBT Bancorp in a report on Thursday, December 12th. They issued a “neutral” rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, NBT Bancorp presently has an average rating of “Hold” and a consensus price target of $51.40.

NBT Bancorp Price Performance

Shares of NASDAQ NBTB opened at $43.19 on Friday. The firm’s 50-day moving average price is $46.59 and its 200-day moving average price is $46.92. NBT Bancorp has a 1-year low of $32.93 and a 1-year high of $52.44. The firm has a market capitalization of $2.04 billion, a P/E ratio of 14.59 and a beta of 0.48. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB) last announced its quarterly earnings data on Monday, January 27th. The bank reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.84% and a return on equity of 9.39%. During the same quarter last year, the business posted $0.72 EPS. Equities research analysts anticipate that NBT Bancorp will post 3.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Sarah A. Halliday sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $48.45, for a total transaction of $242,250.00. Following the completion of the transaction, the executive vice president now directly owns 25,564 shares of the company’s stock, valued at $1,238,575.80. This represents a 16.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heidi M. Hoeller bought 678 shares of NBT Bancorp stock in a transaction dated Friday, February 7th. The shares were bought at an average cost of $48.45 per share, with a total value of $32,849.10. Following the completion of the transaction, the director now directly owns 6,437 shares in the company, valued at approximately $311,872.65. This trade represents a 11.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Leigh Baldwin & CO. LLC bought a new position in NBT Bancorp in the 4th quarter worth approximately $1,168,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in NBT Bancorp by 13.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,895 shares of the bank’s stock worth $6,825,000 after buying an additional 17,225 shares during the period. Voloridge Investment Management LLC boosted its holdings in NBT Bancorp by 48.0% in the 4th quarter. Voloridge Investment Management LLC now owns 36,179 shares of the bank’s stock worth $1,728,000 after buying an additional 11,730 shares during the period. Silvercrest Asset Management Group LLC bought a new position in NBT Bancorp in the 4th quarter worth approximately $38,978,000. Finally, ProShare Advisors LLC boosted its holdings in NBT Bancorp by 4.7% in the 4th quarter. ProShare Advisors LLC now owns 167,503 shares of the bank’s stock worth $8,000,000 after buying an additional 7,500 shares during the period. 58.46% of the stock is owned by 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.