Keefe, Bruyette & Woods Cuts NBT Bancorp (NASDAQ:NBTB) Price Target to $39.00

NBT Bancorp (NASDAQ:NBTB) had its target price cut by Keefe, Bruyette & Woods from $41.00 to $39.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other analysts have also commented on the stock. Janney Montgomery Scott upgraded shares of NBT Bancorp from a neutral rating to a buy rating and set a $39.00 price target on the stock in a research report on Thursday, March 21st. Raymond James boosted their price target on shares of NBT Bancorp from $40.00 to $45.00 and gave the stock an outperform rating in a report on Friday, January 5th. Piper Sandler reduced their price objective on shares of NBT Bancorp from $42.00 to $41.00 and set an overweight rating for the company in a research report on Thursday, January 25th. Finally, Stephens restated an overweight rating and set a $42.00 price objective on shares of NBT Bancorp in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $41.20.

NBT Bancorp Stock Performance

Shares of NBTB opened at $35.97 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86. NBT Bancorp has a one year low of $27.52 and a one year high of $43.77. The stock has a market cap of $1.70 billion, a P/E ratio of 13.89 and a beta of 0.51. The stock has a 50-day moving average of $34.81 and a two-hundred day moving average of $36.25.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.01. NBT Bancorp had a net margin of 16.71% and a return on equity of 10.20%. The firm had revenue of $192.33 million during the quarter, compared to analysts’ expectations of $135.01 million. During the same quarter last year, the company posted $0.88 earnings per share. As a group, research analysts predict that NBT Bancorp will post 2.82 EPS for the current year.

Insiders Place Their Bets

In other news, Director Lowell A. Seifter sold 4,770 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $37.50, for a total transaction of $178,875.00. Following the completion of the sale, the director now owns 44,362 shares of the company’s stock, valued at $1,663,575. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in shares of NBT Bancorp by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 513,545 shares of the bank’s stock valued at $16,274,000 after purchasing an additional 31,876 shares during the period. Northern Trust Corp grew its holdings in shares of NBT Bancorp by 5.7% in the third quarter. Northern Trust Corp now owns 741,141 shares of the bank’s stock valued at $23,487,000 after purchasing an additional 39,912 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of NBT Bancorp by 11.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 504,681 shares of the bank’s stock valued at $15,993,000 after purchasing an additional 51,671 shares during the period. Louisiana State Employees Retirement System purchased a new stake in shares of NBT Bancorp in the fourth quarter valued at about $989,000. Finally, Graham Capital Management L.P. purchased a new stake in shares of NBT Bancorp in the third quarter valued at about $676,000. Hedge funds and other institutional investors own 58.46% 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 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.