Raymond James Downgrades NBT Bancorp (NASDAQ:NBTB) to Market Perform

NBT Bancorp (NASDAQ:NBTB) was downgraded by investment analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday, Marketbeat Ratings reports.

NBTB has been the subject of a number of other research reports. Keefe, Bruyette & Woods reduced their price objective on NBT Bancorp from $41.00 to $39.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Stephens reiterated an “overweight” rating and set a $42.00 price objective on shares of NBT Bancorp in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $42.60.

NBT Bancorp Stock Performance

Shares of NBTB opened at $49.38 on Wednesday. NBT Bancorp has a 12 month low of $30.31 and a 12 month high of $50.83. The stock has a fifty day moving average price of $38.85 and a 200-day moving average price of $36.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.33 billion, a PE ratio of 19.07 and a beta of 0.52.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). The business had revenue of $194.00 million for the quarter, compared to analysts’ expectations of $139.02 million. NBT Bancorp had a net margin of 16.15% and a return on equity of 9.73%. During the same quarter in the prior year, the company posted $0.80 EPS. Equities research analysts predict that NBT Bancorp will post 2.8 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Sarah A. Halliday sold 1,325 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $35.66, for a total value of $47,249.50. Following the transaction, the executive vice president now owns 32,402 shares of the company’s stock, valued at $1,155,455.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On NBT Bancorp

Several hedge funds have recently made changes to their positions in NBTB. Vanguard Group Inc. boosted its stake in shares of NBT Bancorp by 8.8% during the third quarter. Vanguard Group Inc. now owns 5,515,875 shares of the bank’s stock worth $174,798,000 after buying an additional 445,814 shares during the period. Norges Bank acquired a new stake in NBT Bancorp in the fourth quarter valued at about $12,547,000. Hsbc Holdings PLC acquired a new stake in NBT Bancorp in the fourth quarter valued at about $11,434,000. Russell Investments Group Ltd. lifted its position in NBT Bancorp by 978.7% in the first quarter. Russell Investments Group Ltd. now owns 90,457 shares of the bank’s stock valued at $3,318,000 after purchasing an additional 82,071 shares during the period. Finally, Mendon Capital Advisors Corp acquired a new stake in NBT Bancorp in the fourth quarter valued at about $1,676,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

NBT Bancorp Company Profile

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.