NBT Bancorp Inc. (NASDAQ:NBTB) – Equities researchers at Boenning Scattergood upped their FY2018 earnings per share estimates for shares of NBT Bancorp in a research report issued to clients and investors on Tuesday, October 23rd. Boenning Scattergood analyst E. Zwick now anticipates that the bank will post earnings per share of $2.54 for the year, up from their previous estimate of $2.50. Boenning Scattergood currently has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for NBT Bancorp’s Q4 2018 earnings at $0.64 EPS, Q1 2019 earnings at $0.64 EPS, Q2 2019 earnings at $0.69 EPS, Q3 2019 earnings at $0.65 EPS, Q4 2019 earnings at $0.65 EPS and FY2019 earnings at $2.63 EPS.
Several other analysts also recently commented on the company. BidaskClub downgraded NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, September 1st. Zacks Investment Research upgraded NBT Bancorp from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, August 29th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $39.50.
NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, October 22nd. The bank reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. The company had revenue of $110.91 million during the quarter, compared to the consensus estimate of $110.87 million. NBT Bancorp had a return on equity of 11.00% and a net margin of 21.87%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS.
Hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new position in NBT Bancorp during the 2nd quarter valued at about $124,000. Berkshire Asset Management LLC PA acquired a new position in NBT Bancorp during the 2nd quarter valued at about $202,000. LPL Financial LLC acquired a new position in NBT Bancorp during the 1st quarter valued at about $256,000. KBC Group NV acquired a new position in NBT Bancorp during the 2nd quarter valued at about $286,000. Finally, QCI Asset Management Inc. NY boosted its stake in NBT Bancorp by 26.6% during the 2nd quarter. QCI Asset Management Inc. NY now owns 7,820 shares of the bank’s stock valued at $298,000 after purchasing an additional 1,643 shares during the last quarter. Institutional investors and hedge funds own 52.31% of the company’s stock.
In other news, EVP Sarah A. Halliday bought 850 shares of NBT Bancorp stock in a transaction dated Friday, August 10th. The stock was bought at an average cost of $39.18 per share, for a total transaction of $33,303.00. Following the purchase, the executive vice president now directly owns 5,712 shares in the company, valued at approximately $223,796.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.23% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be paid a $0.26 dividend. The ex-dividend date is Thursday, November 29th. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 2.92%. NBT Bancorp’s dividend payout ratio (DPR) is currently 50.76%.
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, commercial real estate, agricultural, agricultural real estate, and business banking loans; consumer loans, such as indirect, home equity, and direct loans; and residential real estate mortgages, as well as real estate construction and development loans.
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