NBT Bancorp (NASDAQ:NBTB) Issues Earnings Results, Misses Estimates By $0.01 EPS

NBT Bancorp (NASDAQ:NBTB) posted its quarterly earnings results on Monday. The bank reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.01), Yahoo Finance reports. The business had revenue of $194.00 million during the quarter, compared to the consensus estimate of $139.02 million. NBT Bancorp had a return on equity of 9.73% and a net margin of 16.15%. During the same quarter in the previous year, the company earned $0.80 earnings per share.

NBT Bancorp Price Performance

NBTB traded down $1.32 during trading hours on Wednesday, hitting $48.27. The company’s stock had a trading volume of 233,914 shares, compared to its average volume of 204,925. The business’s 50-day moving average price is $38.41 and its 200-day moving average price is $36.73. NBT Bancorp has a 12 month low of $30.31 and a 12 month high of $50.83. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 18.80 and a beta of 0.52. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.17.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from NBT Bancorp’s previous quarterly dividend of $0.32. NBT Bancorp’s payout ratio is currently 49.42%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NBTB shares. Raymond James cut shares of NBT Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Keefe, Bruyette & Woods reduced their price objective on shares of NBT Bancorp from $41.00 to $39.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. Finally, Stephens reiterated an “overweight” rating and set a $42.00 price objective on shares of NBT Bancorp in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, NBT Bancorp presently has an average rating of “Hold” and an average target price of $41.20.

Insider Buying and Selling

In related news, EVP Sarah A. Halliday sold 1,325 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $35.66, for a total value of $47,249.50. Following the sale, the executive vice president now owns 32,402 shares in the company, valued at $1,155,455.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.32% of the stock is currently owned by company insiders.

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.