NBT Bancorp (NASDAQ:NBTB) Downgraded by Zacks Investment Research
NBT Bancorp (NASDAQ:NBTB – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.
According to Zacks, “NBT BANCORP INC. is a one bank holding company engaged in general banking business. “
Separately, StockNews.com began coverage on shares of NBT Bancorp in a research report on Thursday, March 31st. They set a “hold” rating on the stock.
NBT Bancorp stock opened at $37.52 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.18. NBT Bancorp has a 1 year low of $32.66 and a 1 year high of $42.33. The company has a market cap of $1.61 billion, a PE ratio of 10.60 and a beta of 0.58. The company’s 50-day moving average is $36.10 and its two-hundred day moving average is $37.66.
NBT Bancorp (NASDAQ:NBTB – Get Rating) last released its earnings results on Monday, April 25th. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. NBT Bancorp had a net margin of 30.64% and a return on equity of 12.66%. The company had revenue of $123.01 million for the quarter, compared to the consensus estimate of $120.91 million. During the same period in the prior year, the company posted $0.92 EPS. Research analysts forecast that NBT Bancorp will post 3.28 EPS for the current year.
In related news, CFO Scott Allen Kingsley purchased 3,000 shares of the stock in a transaction dated Wednesday, April 27th. The stock was bought at an average cost of $35.60 per share, with a total value of $106,800.00. Following the purchase, the chief financial officer now directly owns 17,215 shares in the company, valued at approximately $612,854. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.55% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC increased its stake in NBT Bancorp by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 111,165 shares of the bank’s stock worth $4,282,000 after purchasing an additional 289 shares in the last quarter. CIBC Asset Management Inc bought a new stake in NBT Bancorp during the 4th quarter worth approximately $216,000. WINTON GROUP Ltd increased its stake in NBT Bancorp by 112.2% during the 4th quarter. WINTON GROUP Ltd now owns 21,989 shares of the bank’s stock worth $847,000 after purchasing an additional 11,628 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in NBT Bancorp during the 3rd quarter worth approximately $401,000. Finally, Invesco Ltd. increased its stake in NBT Bancorp by 1.9% during the 3rd quarter. Invesco Ltd. now owns 122,849 shares of the bank’s stock worth $4,438,000 after purchasing an additional 2,324 shares in the last quarter. 55.74% of the stock is owned by institutional investors and hedge funds.
About NBT Bancorp (Get Rating)
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 and industrial, commercial real estate, agricultural, and commercial construction loans; indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; and residential real estate loans.
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