Is NBT Bancorp, Inc. overvalued or undervalued?

As of 10 October 2025, the valuation grade for NBT Bancorp, Inc. has moved from expensive to fair. Based on the current analysis, the company appears fairly valued. Key valuation ratios include a P/E ratio of 17, a Price to Book Value of 1.57, and an EV to EBITDA of 12.65. When compared to peers, UMB Financial Corp. has a higher P/E ratio of 19.64, while Fulton Financial Corp. is lower at 13.49, indicating a competitive positioning within the industry.
In terms of recent performance, NBT Bancorp has underperformed against the S&P 500, with a year-to-date return of -17.78% compared to the S&P 500's 11.41%. This trend is further emphasized by the 3-year return of -1.48% for NBT Bancorp versus 81.39% for the benchmark, suggesting that while the stock is fairly valued, its recent performance may raise concerns among investors.