NBT Bancorp (NASDAQ:NBTB) Cut to “Strong Sell” at BidaskClub

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BidaskClub cut shares of NBT Bancorp (NASDAQ:NBTB) from a sell rating to a strong sell rating in a research note issued to investors on Saturday, BidAskClub reports.

A number of other research firms have also issued reports on NBTB. Zacks Investment Research lowered NBT Bancorp from a hold rating to a sell rating in a research report on Saturday, July 27th. Piper Jaffray Companies set a $38.00 price objective on NBT Bancorp and gave the stock a hold rating in a research report on Wednesday, August 7th. Finally, Boenning Scattergood restated a neutral rating on shares of NBT Bancorp in a research note on Wednesday, July 24th.

NASDAQ:NBTB opened at $36.22 on Friday. The company has a fifty day simple moving average of $36.08 and a two-hundred day simple moving average of $36.95. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 14.15 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.17. NBT Bancorp has a 52 week low of $30.36 and a 52 week high of $40.62.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Monday, July 22nd. The bank reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.03. NBT Bancorp had a return on equity of 11.47% and a net margin of 24.08%. The firm had revenue of $112.87 million during the quarter, compared to analyst estimates of $112.65 million. During the same period last year, the business posted $0.64 earnings per share. On average, analysts expect that NBT Bancorp will post 2.63 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.26 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.87%. NBT Bancorp’s payout ratio is 40.63%.

Several institutional investors have recently added to or reduced their stakes in NBTB. BlackRock Inc. increased its holdings in NBT Bancorp by 1.3% in the second quarter. BlackRock Inc. now owns 6,464,404 shares of the bank’s stock valued at $242,478,000 after buying an additional 79,914 shares during the last quarter. Royal Bank of Canada lifted its holdings in NBT Bancorp by 47.2% during the 2nd quarter. Royal Bank of Canada now owns 27,985 shares of the bank’s stock worth $1,049,000 after buying an additional 8,979 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in NBT Bancorp by 601.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,460 shares of the bank’s stock worth $505,000 after buying an additional 11,542 shares during the last quarter. Susquehanna International Group LLP acquired a new position in shares of NBT Bancorp during the 2nd quarter worth about $592,000. Finally, Nuveen Asset Management LLC acquired a new position in shares of NBT Bancorp during the 2nd quarter worth about $7,842,000. 54.45% of the stock is owned by institutional investors and hedge funds.

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 commercial and industrial, commercial real estate, agricultural, and commercial construction loans; indirect and direct consumer, home equity, direct loans, mortgages, business banking loans, and commercial loans; and residential real estate loans, as well as development loans.

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