NBT Bank N A NY Acquires 13,082 Shares of NBT Bancorp Inc. $NBTB

NBT Bank N A NY raised its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB) by 5.3% during the 1st quarter, HoldingsChannel reports. The fund owned 260,470 shares of the bank’s stock after acquiring an additional 13,082 shares during the quarter. NBT Bank N A NY’s holdings in NBT Bancorp were worth $11,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank’s stock worth $105,177,000 after buying an additional 182,793 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of NBT Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,300,834 shares of the bank’s stock valued at $95,531,000 after acquiring an additional 8,044 shares during the period. Victory Capital Management Inc. grew its stake in shares of NBT Bancorp by 2.0% during the 4th quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank’s stock valued at $27,532,000 after acquiring an additional 12,967 shares during the period. The Manufacturers Life Insurance Company increased its holdings in NBT Bancorp by 63.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank’s stock worth $18,741,000 after acquiring an additional 174,639 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in NBT Bancorp by 26.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 334,913 shares of the bank’s stock worth $13,986,000 after acquiring an additional 70,594 shares in the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NBTB. Piper Sandler lifted their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, June 26th. DA Davidson reissued a “buy” rating and issued a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Hovde Group decreased their price objective 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. Finally, Weiss Ratings upgraded shares of NBT Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.50.

Insider Buying and Selling

In other news, EVP Ruth H. Mahoney sold 5,000 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $46.60, for a total transaction of $233,000.00. Following the sale, the executive vice president owned 16,428 shares in the company, valued at $765,544.80. This trade represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the sale, the director owned 11,560 shares in the company, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.99% of the company’s stock.

NBT Bancorp Stock Performance

NASDAQ NBTB opened at $50.08 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. NBT Bancorp Inc. has a twelve month low of $39.19 and a twelve month high of $51.09. The business has a 50-day moving average price of $46.37 and a 200-day moving average price of $44.54. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 14.27 and a beta of 0.48.

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 net margin of 19.59% and a return on equity of 11.06%. The business had revenue of $184.48 million for the quarter, compared to the consensus estimate of $185.35 million. As a group, equities research analysts predict that NBT Bancorp Inc. will post 4.14 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. NBT Bancorp’s dividend payout ratio (DPR) is 42.17%.

NBT Bancorp Company 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.