NBT Bancorp (NASDAQ:NBTB) Shares Gap Down Following Weak Earnings

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $48.70, but opened at $47.71. NBT Bancorp shares last traded at $45.96, with a volume of 36,048 shares changing hands.

The bank reported $0.77 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.01). NBT Bancorp had a net margin of 17.37% and a return on equity of 9.36%. During the same period last year, the firm posted $0.72 earnings per share.

NBT Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Monday, March 3rd. NBT Bancorp's dividend payout ratio (DPR) is presently 47.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NBTB. StockNews.com lowered shares of NBT Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. DA Davidson assumed coverage on NBT Bancorp in a report on Thursday, December 12th. They set a "neutral" rating and a $60.00 target price for the company. Finally, Keefe, Bruyette & Woods increased their price target on shares of NBT Bancorp from $50.00 to $55.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, NBT Bancorp currently has a consensus rating of "Hold" and an average price target of $50.75.

Insider Buying and Selling at NBT Bancorp

In related news, Director Timothy E. Delaney sold 40,000 shares of NBT Bancorp stock in a transaction on Monday, November 11th. The shares were sold at an average price of $51.47, for a total value of $2,058,800.00. Following the transaction, the director now directly owns 38,853 shares in the company, valued at $1,999,763.91. This trade represents a 50.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Amy Wiles sold 500 shares of NBT Bancorp stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $51.31, for a total transaction of $25,655.00. Following the completion of the sale, the executive vice president now directly owns 27,409 shares in the company, valued at approximately $1,406,355.79. The trade was a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,694 shares of company stock worth $4,048,185. 3.32% of the stock is owned by insiders.

Hedge Funds Weigh In On NBT Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in NBT Bancorp by 47.9% in the third quarter. GAMMA Investing LLC now owns 778 shares of the bank's stock worth $34,000 after acquiring an additional 252 shares in the last quarter. Inspire Investing LLC increased its holdings in shares of NBT Bancorp by 3.7% in the 3rd quarter. Inspire Investing LLC now owns 9,378 shares of the bank's stock valued at $415,000 after purchasing an additional 331 shares in the last quarter. KBC Group NV lifted its stake in shares of NBT Bancorp by 47.5% in the fourth quarter. KBC Group NV now owns 2,152 shares of the bank's stock valued at $103,000 after purchasing an additional 693 shares during the period. US Bancorp DE purchased a new stake in NBT Bancorp during the third quarter worth about $57,000. Finally, Quest Partners LLC purchased a new position in NBT Bancorp in the third quarter valued at about $57,000. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Stock Performance

The stock's 50-day moving average price is $48.80 and its 200-day moving average price is $47.01. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 16.23 and a beta of 0.53. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87.

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 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.