Legal & General Group Plc bought a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 122,283 shares of the bank's stock, valued at approximately $6,037,000. Legal & General Group Plc owned 0.24% of NBT Bancorp at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in NBTB. Louisiana State Employees Retirement System acquired a new stake in NBT Bancorp in the first quarter worth approximately $988,000. Bank of America Corp DE increased its position in shares of NBT Bancorp by 32.5% during the 1st quarter. Bank of America Corp DE now owns 161,740 shares of the bank's stock valued at $6,887,000 after purchasing an additional 39,665 shares during the period. Edgestream Partners L.P. acquired a new position in shares of NBT Bancorp during the 1st quarter valued at $3,590,000. BlackRock Inc. bought a new stake in shares of NBT Bancorp in the 2nd quarter worth $369,183,000. Finally, Hsbc Holdings PLC bought a new stake in shares of NBT Bancorp in the 1st quarter worth $1,013,000. 58.46% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at NBT Bancorp
In other NBT Bancorp news, EVP Ruth H. Mahoney sold 4,500 shares of the firm's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the transaction, the executive vice president directly owned 11,928 shares in the company, valued at $647,690.40. This trade represents a 27.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Sarah A. Halliday sold 9,000 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares of the company's stock, valued at approximately $1,191,798.16. The trade was a 28.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is currently owned by corporate insiders.
NBT Bancorp Stock Performance
Shares of NASDAQ NBTB opened at $51.21 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 12.52 and a beta of 0.47. The stock's fifty day simple moving average is $51.70 and its 200 day simple moving average is $47.06. NBT Bancorp Inc. has a 52-week low of $39.19 and a 52-week high of $54.50.
NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The company had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. As a group, sell-side analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current fiscal year.
NBT Bancorp Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 1st. This is a boost from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's dividend payout ratio is presently 39.12%.
Analysts Set New Price Targets
Several research analysts recently weighed in on NBTB shares. Stephens cut NBT Bancorp from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Keefe, Bruyette & Woods reissued a "hold" rating and issued a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Weiss Ratings restated a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Finally, Piper Sandler lifted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, NBT Bancorp presently has a consensus rating of "Hold" and a consensus target price of $54.10.
Check Out Our Latest Stock Analysis on NBTB
NBT Bancorp Profile
(
Free Report)
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.
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