124,971 Shares of NBT Bancorp Inc. $NBTB Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 124,971 shares of NBT Bancorp worth approximately $6.17 million, while institutional investors and hedge funds collectively own 58.46% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $54.10; NBTB recently traded at $51.57.
• NBT Bancorp increased its quarterly dividend to $0.40 per share, implying an annualized dividend of $1.60 and a 3.1% yield. Its latest quarterly earnings slightly missed estimates, with EPS of $1.01 versus $1.02 expected.

Bank of America Corp DE bought a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 124,971 shares of the bank's stock, valued at approximately $6,170,000. Bank of America Corp DE owned 0.24% of NBT Bancorp as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Freestone Grove Partners LP acquired a new position in NBT Bancorp during the second quarter worth approximately $215,000. Odyssean LLC acquired a new stake in shares of NBT Bancorp in the second quarter valued at approximately $461,000. Jupiter Topco LLC bought a new position in shares of NBT Bancorp during the 2nd quarter worth approximately $1,151,000. Canada Pension Plan Investment Board bought a new position in shares of NBT Bancorp during the 2nd quarter worth approximately $479,000. Finally, Legal & General Group Plc bought a new position in shares of NBT Bancorp during the 2nd quarter worth approximately $6,037,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NBTB. DA Davidson raised their price target on NBT Bancorp from $52.00 to $59.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Stephens lowered shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $54.10.

NBT Bancorp Price Performance

NASDAQ:NBTB opened at $51.57 on Monday. NBT Bancorp Inc. has a 52 week low of $39.19 and a 52 week high of $54.50. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 12.61 and a beta of 0.47. The firm's 50-day simple moving average is $52.12 and its 200 day simple moving average is $47.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. As a group, sell-side analysts predict that NBT Bancorp Inc. will post 4.16 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.40 per share. This is an increase from NBT Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 1st. NBT Bancorp's dividend payout ratio (DPR) is currently 39.12%.

Insiders Place Their Bets

In other news, EVP Sarah Halliday sold 9,000 shares of the company's stock in a transaction on 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 sale, the executive vice president directly owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ruth Mahoney sold 4,500 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was 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 owned 11,928 shares in the company, valued at $647,690.40. The trade was a 27.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.99% of the stock is owned by company insiders.

NBT Bancorp Profile

NBT Bancorp Inc is a bank holding company headquartered in Norwich, New York. Through its principal subsidiary, NBT Bank, the company provides a range of financial services to individuals, families, businesses and municipal entities.

NBT Bank's offerings include checking and savings accounts, consumer and residential lending, commercial loans, mortgages, credit cards and digital banking services. Through affiliated businesses, NBT Bancorp also provides wealth management, investment services and insurance products.

Founded in 1856 as the Bank of Norwich, NBT Bank has expanded from its original New York market to serve communities across the Northeast.

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