Ieq Capital LLC Invests $629,000 in NBT Bancorp Inc. $NBTB

Ieq Capital LLC acquired a new position in shares of NBT Bancorp Inc. (NASDAQ:NBTB) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 12,730 shares of the bank’s stock, valued at approximately $629,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in NBT Bancorp in the second quarter valued at approximately $369,183,000. Bank of New York Mellon Corp purchased a new position in NBT Bancorp in the second quarter worth $22,685,000. Ceredex Value Advisors LLC acquired a new position in NBT Bancorp during the 2nd quarter valued at about $13,673,000. Millennium Management LLC grew its holdings in shares of NBT Bancorp by 564.1% during the third quarter. Millennium Management LLC now owns 248,050 shares of the bank’s stock valued at $10,359,000 after buying an additional 210,699 shares during the last quarter. Finally, State Street Corp boosted its holdings 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 during the last quarter. Hedge funds and other institutional investors own 58.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wall Street Zen cut NBT Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Piper Sandler lifted their price target on NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Stephens downgraded NBT Bancorp from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Weiss Ratings restated a “buy (b)” rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Finally, DA Davidson raised their price objective on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.10.

Insider Buying and Selling

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 4,500 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total transaction of $244,350.00. Following the transaction, the executive vice president directly owned 11,928 shares of the company’s stock, valued at $647,690.40. This trade represents a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is owned by corporate insiders.

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $51.55 on Friday. The company has a market capitalization of $2.68 billion, a P/E ratio of 12.60 and a beta of 0.48. The business’s 50 day moving average is $51.52 and its two-hundred day moving average is $46.94. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50.

NBT Bancorp (NASDAQ:NBTB) last issued its quarterly earnings data on Monday, July 27th. The bank reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. Analysts expect that NBT Bancorp Inc. will post 4.15 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. This is an increase from NBT Bancorp’s previous quarterly dividend of $0.37. NBT Bancorp’s dividend payout ratio is 36.19%.

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.