Shelter Rock Management LLC Buys New Position in NBT Bancorp Inc. $NBTB

Shelter Rock Management LLC bought a new stake in NBT Bancorp Inc. (NASDAQ:NBTB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 12,163 shares of the bank’s stock, valued at approximately $505,000. NBT Bancorp makes up about 0.5% of Shelter Rock Management LLC’s investment portfolio, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp raised its stake in NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock valued at $105,177,000 after purchasing an additional 182,793 shares in the last quarter. Victory Capital Management Inc. raised its stake in NBT Bancorp by 1.1% in the third quarter. Victory Capital Management Inc. now owns 650,125 shares of the bank’s stock valued at $27,149,000 after purchasing an additional 7,253 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in NBT Bancorp by 63.2% in the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock valued at $18,741,000 after purchasing an additional 174,639 shares in the last quarter. JPMorgan Chase & Co. raised its stake in NBT Bancorp by 26.7% in the third quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock valued at $13,986,000 after purchasing an additional 70,594 shares in the last quarter. Finally, Millennium Management LLC raised its stake in NBT Bancorp by 564.1% in the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after purchasing an additional 210,699 shares in the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Stock Up 0.2%

Shares of NBT Bancorp stock opened at $45.93 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. NBT Bancorp Inc. has a 52-week low of $39.19 and a 52-week high of $46.92. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 13.09 and a beta of 0.47. The company’s 50 day moving average price is $43.84 and its 200-day moving average price is $43.31.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%.The firm had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. Equities research analysts forecast that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.37 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. NBT Bancorp’s dividend payout ratio (DPR) is currently 42.17%.

Wall Street Analysts Forecast Growth

NBTB has been the topic of a number of recent analyst reports. Janney Montgomery Scott downgraded shares of NBT Bancorp from a “buy” rating to a “neutral” rating in a research note on Monday, February 23rd. Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Hovde Group reduced their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating on the stock in a research report on Monday, April 27th. Brean Capital cut shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Finally, Piper Sandler started coverage on shares of NBT Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $50.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.50.

NBT Bancorp Profile

NBT Bancorp, Inc (NASDAQ: NBTB) is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.