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NBTB

NBT Bancorp NasdaqGS:NBTB Stock Report

Last Price

US$39.13

Market Cap

US$1.7b

7D

-0.8%

1Y

11.5%

Updated

23 Sep, 2022

Data

Company Financials +
NBTB fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance2/6
Financial Health6/6
Dividends4/6

NBTB Stock Overview

NBT Bancorp Inc., a financial holding company, provides commercial banking, retail banking, and wealth management services.

NBT Bancorp Competitors

Price History & Performance

Summary of all time highs, changes and price drops for NBT Bancorp
Historical stock prices
Current Share PriceUS$39.13
52 Week HighUS$42.63
52 Week LowUS$34.58
Beta0.55
1 Month Change-1.95%
3 Month Change4.51%
1 Year Change11.51%
3 Year Change5.93%
5 Year Change6.56%
Change since IPO486.10%

Recent News & Updates

Jul 29
NBT Bancorp (NASDAQ:NBTB) Is Paying Out A Larger Dividend Than Last Year

NBT Bancorp (NASDAQ:NBTB) Is Paying Out A Larger Dividend Than Last Year

NBT Bancorp Inc.'s ( NASDAQ:NBTB ) dividend will be increasing from last year's payment of the same period to $0.30 on...

Shareholder Returns

NBTBUS BanksUS Market
7D-0.8%-5.8%-5.2%
1Y11.5%-21.7%-23.1%

Return vs Industry: NBTB exceeded the US Banks industry which returned -19.4% over the past year.

Return vs Market: NBTB exceeded the US Market which returned -21.6% over the past year.

Price Volatility

Is NBTB's price volatile compared to industry and market?
NBTB volatility
NBTB Average Weekly Movement2.6%
Banks Industry Average Movement3.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.8%

Stable Share Price: NBTB is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: NBTB's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
18561,801John Watthttps://www.nbtbancorp.com

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, mortgages, business banking loans, and commercial loans; and residential real estate loans.

NBT Bancorp Fundamentals Summary

How do NBT Bancorp's earnings and revenue compare to its market cap?
NBTB fundamental statistics
Market CapUS$1.68b
Earnings (TTM)US$151.64m
Revenue (TTM)US$491.80m

11.1x

P/E Ratio

1.4x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NBTB income statement (TTM)
RevenueUS$491.80m
Cost of RevenueUS$0
Gross ProfitUS$491.80m
Other ExpensesUS$340.16m
EarningsUS$151.64m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.54
Gross Margin100.00%
Net Profit Margin30.83%
Debt/Equity Ratio28.7%

How did NBTB perform over the long term?

See historical performance and comparison

Dividends

3.1%

Current Dividend Yield

32%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is NBTB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NBTB?

Other financial metrics that can be useful for relative valuation.

NBTB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio10.4x

Price to Earnings Ratio vs Peers

How does NBTB's PE Ratio compare to its peers?

NBTB PE Ratio vs Peers
The above table shows the PE ratio for NBTB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.9x
HTH Hilltop Holdings
7.7x-21.8%US$1.6b
HOPE Hope Bancorp
7.6x-2.9%US$1.7b
TCBK TriCo Bancshares
14.3x13.5%US$1.5b
NWBI Northwest Bancshares
14.1x5.3%US$1.8b
NBTB NBT Bancorp
11.1x1.1%US$1.7b

Price-To-Earnings vs Peers: NBTB is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (10.9x).


Price to Earnings Ratio vs Industry

How does NBTB's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: NBTB is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the US Banks industry average (9.8x)


Price to Earnings Ratio vs Fair Ratio

What is NBTB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NBTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.1x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: NBTB is good value based on its Price-To-Earnings Ratio (11.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).


Share Price vs Fair Value

What is the Fair Price of NBTB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NBTB ($39.13) is trading below our estimate of fair value ($92.57)

Significantly Below Fair Value: NBTB is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is NBT Bancorp forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


1.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NBTB's forecast earnings growth (1.1% per year) is below the savings rate (1.9%).

Earnings vs Market: NBTB's earnings (1.1% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: NBTB's earnings are forecast to grow, but not significantly.

Revenue vs Market: NBTB's revenue (5.6% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: NBTB's revenue (5.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if NBTB's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has NBT Bancorp performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


12.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NBTB has high quality earnings.

Growing Profit Margin: NBTB's current net profit margins (30.8%) are lower than last year (31.5%).


Past Earnings Growth Analysis

Earnings Trend: NBTB's earnings have grown by 12.2% per year over the past 5 years.

Accelerating Growth: NBTB's earnings growth over the past year (1.5%) is below its 5-year average (12.2% per year).

Earnings vs Industry: NBTB earnings growth over the past year (1.5%) underperformed the Banks industry 8.6%.


Return on Equity

High ROE: NBTB's Return on Equity (12.8%) is considered low.


Discover strong past performing companies

Financial Health

How is NBT Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: NBTB's Assets to Equity ratio (9.9x) is low.

Allowance for Bad Loans: NBTB has a sufficient allowance for bad loans (363%).

Low Risk Liabilities: 95% of NBTB's liabilities are made up of primarily low risk sources of funding.

Loan Level: NBTB has an appropriate level of Loans to Assets ratio (66%).

Low Risk Deposits: NBTB's Loans to Deposits ratio (77%) is appropriate.

Level of Bad Loans: NBTB has an appropriate level of bad loans (0.3%).


Discover healthy companies

Dividend

What is NBT Bancorp current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.07%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: NBTB's dividend (3.07%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: NBTB's dividend (3.07%) is low compared to the top 25% of dividend payers in the US market (4.45%).


Stability and Growth of Payments

Stable Dividend: NBTB's dividends per share have been stable in the past 10 years.

Growing Dividend: NBTB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (31.9%), NBTB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

John Watt (64 yo)

5.75yrs

Tenure

US$2,766,141

Compensation

Mr. John H. Watt, Jr. has 31 years of experience in the financial services industry. He joined NBT Bank in 2014 following the sale of Alliance Financial Corporation to NBT. He played a leadership role in N...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD2.77M) is below average for companies of similar size in the US market ($USD5.58M).

Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: NBTB's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: NBTB's board of directors are considered experienced (7.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: NBTB insiders have only sold shares in the past 3 months.


Recent Insider Transactions

NasdaqGS:NBTB Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Aug 22SellUS$432,693Martin DietrichIndividual10,181US$42.50
27 Jul 22SellUS$50,704Shaunastar HyleIndividual1,264US$40.11
01 Jun 22BuyUS$50,074Heidi HoellerIndividual1,353US$37.01
27 Apr 22BuyUS$106,800Scott KingsleyIndividual3,000US$35.60
14 Jan 22SellUS$417,270Martin DietrichIndividual9,935US$42.00
26 Nov 21BuyUS$44,996Scott KingsleyIndividual1,265US$35.57

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 49.47% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.64%
BlackRock, Inc.
6,272,623$245.4m-1.89%0.01%
11.19%
The Vanguard Group, Inc.
4,791,880$187.5m0.54%no data
4.58%
Dimensional Fund Advisors LP
1,961,851$76.8m1.91%0.02%
4.28%
State Street Global Advisors, Inc.
1,835,252$71.8m-3.87%no data
1.79%
Geode Capital Management, LLC
764,896$29.9m-0.83%no data
1.68%
Northern Trust Global Investments
720,406$28.2m-1.7%0.01%
1.25%
New York Central Mutual Fire Insurance Company, Asset Management Arm
537,558$21.0m0%no data
1.24%
BNY Mellon Asset Management
529,324$20.7m-5.69%no data
1.01%
Charles Schwab Investment Management, Inc.
432,484$16.9m1.39%no data
0.75%
Norges Bank Investment Management
319,406$12.5m0%no data
0.62%
Principal Global Investors, LLC
264,616$10.4m-7.64%0.01%
0.6%
Goldman Sachs Asset Management, L.P.
258,930$10.1m792.31%no data
0.59%
Invesco Capital Management LLC
251,412$9.8m-10.42%0.01%
0.58%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
249,405$9.8m57.27%no data
0.56%
Manulife Asset Management
241,538$9.5m-0.86%0.01%
0.5%
NBT Bancorp Inc., Asset Management Arm
214,452$8.4m0.89%1.31%
0.48%
Johanna Ames
205,365$8.0m0.25%no data
0.44%
Columbia Management Investment Advisers, LLC
186,640$7.3m-1.41%no data
0.43%
TD Asset Management, Inc.
183,800$7.2m101.76%0.01%
0.41%
Goldman Sachs Group, Investment Banking and Securities Investments
177,205$6.9m13.74%no data
0.4%
Morgan Stanley, Investment Banking and Brokerage Investments
169,943$6.6m-18.61%no data
0.39%
Eaton Vance Management
166,552$6.5m23.82%no data
0.37%
First Trust Advisors LP
159,777$6.3m52.41%0.01%
0.36%
American Century Investment Management Inc
155,234$6.1m70.18%no data
0.33%
Boston Partners Global Investors, Inc.
141,698$5.5m0%no data

Company Information

NBT Bancorp Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: NBT Bancorp Inc.
  • Ticker: NBTB
  • Exchange: NasdaqGS
  • Founded: 1856
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$1.676b
  • Shares outstanding: 42.84m
  • Website: https://www.nbtbancorp.com

Number of Employees


Location

  • NBT Bancorp Inc.
  • 52 South Broad Street
  • Norwich
  • New York
  • 13815
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NBTBNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDOct 1990

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/23 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.