6. NBT Bancorp
of Norwich, Conn., closed at $21.66 Monday, down 9% from a year earlier. The shares have a dividend yield of 3.69%, with a quarterly payout of 20 cents.
The company had $5.5 billion in total assets as of March 31 with over 120 branches in central and upstate New York, Vermont, and northeastern Pennsylvania.
During the first quarter, the company repurchased roughly 107,871 common shares and said it was authorized to buy back roughly 868,000 more under its current buyback program
First-quarter net income was $14.3 million, or 41 cents a share, increasing slightly from $14 million, or 41 cents a share a year earlier. The first-quarter provision for loan losses declined to $4 million from $9.2 million a year earlier. Net interest income declined 3% from a year earlier to $49.4 million. Noninterest income declined slightly year-over-year to $20.1 million, while noninterest expense increased 7% to $45.1 million.
NBT's first-quarter ROA was 1.06%.
Following the earnings announcement, David Darst of Guggenheim Securities reiterated his "buy" rating on NBT's shares with a price target of $26, saying the stock was trading at a "discount to Mid-Atlantic peers," despite the company's "strong profitability."
The shares trade for 12 times the consensus 2012 earnings estimate of $1.81 a share.
All three analysts covering NBT Bancorp have neutral ratings on the shares.