Heidi Hoeller Sells 2,100 Shares of NBT Bancorp (NASDAQ:NBTB) Stock

NBT Bancorp Inc. (NASDAQ:NBTB) Director Heidi Hoeller sold 2,100 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the sale, the director owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

NBT Bancorp Stock Performance

NBTB traded up $0.46 during trading hours on Friday, reaching $48.13. The company’s stock had a trading volume of 114,033 shares, compared to its average volume of 253,313. The firm has a market cap of $2.50 billion, a PE ratio of 13.70 and a beta of 0.49. 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 $48.26. The company’s 50-day moving average is $45.17 and its 200-day moving average is $43.87.

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

NBT Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, June 1st. NBT Bancorp’s dividend payout ratio is currently 42.17%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NBTB. 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. State Street Corp raised its position in NBT Bancorp by 7.8% during 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. Nuveen LLC raised its position in NBT Bancorp by 171.0% during the fourth quarter. Nuveen LLC now owns 286,107 shares of the bank’s stock valued at $11,879,000 after purchasing an additional 180,528 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in NBT Bancorp by 63.2% during 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. Finally, Tudor Investment Corp ET AL acquired a new position in NBT Bancorp during the third quarter valued at approximately $4,886,000. Institutional investors and hedge funds own 58.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler started coverage on shares of NBT Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $50.00 price target on the stock. Janney Montgomery Scott downgraded NBT Bancorp from a “buy” rating to a “neutral” rating in a report on Monday, February 23rd. DA Davidson reissued a “buy” rating and set a $52.00 target price on shares of NBT Bancorp in a report on Monday, April 27th. Brean Capital downgraded NBT Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Finally, Hovde Group dropped their target price on NBT Bancorp from $47.00 to $46.50 and set a “market perform” rating for the company in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, NBT Bancorp currently has an average rating of “Moderate Buy” and an average price target of $49.50.

About NBT Bancorp

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.