DA Davidson Cuts NBT Bancorp (NASDAQ:NBTB) Price Target to $53.00

by · The Cerbat Gem

NBT Bancorp (NASDAQ:NBTB – Get Free Report) had its target price reduced by analysts at DA Davidson from $57.00 to $53.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. DA Davidson’s target price indicates a potential upside of 25.80% from the company’s previous close.

NBTB has been the topic of a number of other research reports. Hovde Group initiated coverage on shares of NBT Bancorp in a research note on Friday, March 21st. They set a “market perform” rating and a $50.00 target price on the stock. Stephens upgraded NBT Bancorp from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a research report on Wednesday, January 29th. Finally, StockNews.com downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $52.75.

Check Out Our Latest Stock Report on NBTB

NBT Bancorp Trading Down 1.1 %

NBTB traded down $0.47 during midday trading on Monday, reaching $42.13. 169,773 shares of the company were exchanged, compared to its average volume of 219,682. The stock has a market capitalization of $1.99 billion, a P/E ratio of 14.22 and a beta of 0.53. NBT Bancorp has a one year low of $34.47 and a one year high of $52.44. The stock’s 50-day simple moving average is $42.81 and its 200 day simple moving average is $46.20. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB – Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The business had revenue of $155.31 million during the quarter, compared to the consensus estimate of $151.00 million. NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, analysts forecast that NBT Bancorp will post 3.69 earnings per share for the current fiscal year.

Insider Buying and Selling at NBT Bancorp

In other news, Director Heidi M. Hoeller bought 678 shares of NBT Bancorp stock in a transaction dated Friday, February 7th. The stock was bought at an average cost of $48.45 per share, for a total transaction of $32,849.10. Following the purchase, the director now directly owns 6,437 shares in the company, valued at approximately $311,872.65. This represents a 11.77 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sarah A. Halliday sold 5,000 shares of NBT Bancorp stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $48.45, for a total transaction of $242,250.00. Following the completion of the sale, the executive vice president now directly owns 25,564 shares in the company, valued at $1,238,575.80. This trade represents a 16.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in shares of NBT Bancorp by 66.5% during the fourth quarter. GAMMA Investing LLC now owns 1,295 shares of the bank’s stock worth $62,000 after buying an additional 517 shares during the period. Sterling Capital Management LLC lifted its stake in NBT Bancorp by 817.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank’s stock worth $69,000 after acquiring an additional 1,292 shares in the last quarter. Rialto Wealth Management LLC purchased a new stake in NBT Bancorp during the 4th quarter worth about $87,000. US Bancorp DE raised its holdings in NBT Bancorp by 42.0% during the fourth quarter. US Bancorp DE now owns 1,836 shares of the bank’s stock worth $88,000 after purchasing an additional 543 shares in the last quarter. Finally, Crews Bank & Trust acquired a new position in shares of NBT Bancorp in the 4th quarter valued at $98,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

About NBT Bancorp

(Get Free Report)

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.

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