NBT Bancorp (NASDAQ:NBTB) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.
NBTB has been the subject of several other research reports. Zacks Investment Research raised NBT Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Thursday, October 26th. Sandler O’Neill set a $38.00 price target on NBT Bancorp and gave the company a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $38.00 price target on shares of NBT Bancorp in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $35.00 price target on shares of NBT Bancorp in a report on Sunday, September 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a strong buy rating to the stock. NBT Bancorp presently has a consensus rating of “Hold” and an average target price of $38.25.
Shares of NBT Bancorp (NBTB) opened at $36.27 on Thursday. The company has a market capitalization of $1,599.14, a P/E ratio of 18.89 and a beta of 0.89. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.20. NBT Bancorp has a twelve month low of $31.28 and a twelve month high of $42.56.
NBT Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 23rd that allows the company to buyback 1,000,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other NBT Bancorp news, Director V Daniel Robinson II sold 25,000 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $38.56, for a total transaction of $964,000.00. Following the completion of the sale, the director now owns 10,141 shares of the company’s stock, valued at approximately $391,036.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 65,000 shares of company stock valued at $2,509,900 in the last ninety days. Insiders own 3.07% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP lifted its holdings in shares of NBT Bancorp by 530.8% during the third quarter. GSA Capital Partners LLP now owns 37,142 shares of the bank’s stock worth $1,364,000 after buying an additional 31,254 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of NBT Bancorp by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,017,225 shares of the bank’s stock worth $74,073,000 after buying an additional 42,291 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of NBT Bancorp by 24.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 272,144 shares of the bank’s stock worth $9,994,000 after buying an additional 53,832 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of NBT Bancorp by 39.6% during the third quarter. Wells Fargo & Company MN now owns 61,329 shares of the bank’s stock worth $2,252,000 after buying an additional 17,399 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of NBT Bancorp by 29.3% during the third quarter. JPMorgan Chase & Co. now owns 98,734 shares of the bank’s stock worth $3,633,000 after buying an additional 22,362 shares in the last quarter. 49.44% of the stock is owned by institutional investors.
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NBT Bancorp Company Profile
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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