NBT Bancorp Inc. (NASDAQ:NBTB) Sees Significant Drop in Short Interest

NBT Bancorp Inc. (NASDAQ:NBTB) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 928,200 shares, a decline of 19.3% from the March 31st total of 1,150,000 shares. Based on an average daily trading volume, of 221,800 shares, the short-interest ratio is presently 4.2 days.

NBT Bancorp Price Performance

NASDAQ NBTB traded down $0.70 on Monday, reaching $35.27. 130,421 shares of the company’s stock traded hands, compared to its average volume of 205,883. The stock has a market cap of $1.66 billion, a PE ratio of 13.62 and a beta of 0.51. NBT Bancorp has a 12 month low of $27.52 and a 12 month high of $43.77. The stock has a 50-day simple moving average of $34.82 and a 200 day simple moving average of $36.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.86 and a quick ratio of 0.86.

NBT Bancorp (NASDAQ:NBTB) last released its earnings results on Tuesday, April 23rd. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.67 by $0.01. NBT Bancorp had a net margin of 16.71% and a return on equity of 10.20%. The company had revenue of $192.33 million for the quarter, compared to analyst estimates of $135.01 million. During the same quarter last year, the firm earned $0.88 EPS. As a group, research analysts predict that NBT Bancorp will post 2.82 earnings per share for the current year.

Hedge Funds Weigh In On NBT Bancorp

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of NBT Bancorp in the third quarter worth approximately $498,000. State of Alaska Department of Revenue grew its holdings in NBT Bancorp by 4.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 29,406 shares of the bank’s stock worth $931,000 after acquiring an additional 1,176 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of NBT Bancorp by 8.5% in the third quarter. Commonwealth Equity Services LLC now owns 126,564 shares of the bank’s stock valued at $4,011,000 after acquiring an additional 9,901 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of NBT Bancorp by 4.1% during the third quarter. Maryland State Retirement & Pension System now owns 17,396 shares of the bank’s stock valued at $551,000 after acquiring an additional 681 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of NBT Bancorp by 9.4% during the third quarter. Raymond James & Associates now owns 72,460 shares of the bank’s stock worth $2,296,000 after purchasing an additional 6,197 shares during the period. 58.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on NBTB. Stephens restated an “overweight” rating and set a $42.00 target price on shares of NBT Bancorp in a research report on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased 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. Janney Montgomery Scott raised shares of NBT Bancorp from a “neutral” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Thursday, March 21st. Piper Sandler cut their price target on shares of NBT Bancorp from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, January 25th. Finally, Raymond James increased their price target on shares of NBT Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.20.

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.