Is NBT Bancorp, Inc. overvalued or undervalued?

As of 24 April 2025, NBT Bancorp, Inc. has moved from an expensive to a fair valuation grade. The company is currently fairly valued, with a P/E ratio of 17, a Price to Book Value of 1.57, and an EV to EBITDA ratio of 12.65. In comparison to peers, UMB Financial Corp. has a higher P/E ratio of 19.78, while Axos Financial, Inc. is lower at 10.66, indicating a diverse valuation landscape within the industry.
Notably, NBT Bancorp's ROE stands at 9.31% and its ROCE at 10.78%, which are competitive figures in the context of its peer group. Despite recent underperformance relative to the S&P 500 year-to-date, where it has returned -14.68% compared to the index's 2.44%, the company's valuation metrics suggest it is positioned fairly within its market segment.