276,950 Shares in NBT Bancorp Inc. $NBTB Purchased by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors acquired 276,950 NBT Bancorp shares worth approximately $13.7 million, while institutional investors collectively own 58.46% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $54.10 target price; recent targets range from $54 to $59.
• NBT Bancorp slightly missed quarterly earnings and revenue estimates but raised its quarterly dividend to $0.40, implying a 3.1% annualized yield.

Ceredex Value Advisors LLC acquired a new position in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 276,950 shares of the bank's stock, valued at approximately $13,673,000. Ceredex Value Advisors LLC owned approximately 0.53% of NBT Bancorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of NBTB. BlackRock Inc. bought a new stake in NBT Bancorp in the second quarter valued at approximately $369,183,000. Bank of New York Mellon Corp bought a new stake in shares of NBT Bancorp during the 2nd quarter worth approximately $22,685,000. Millennium Management LLC boosted its holdings in shares of NBT Bancorp by 564.1% in the 3rd 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 boosted its stake 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 buying an additional 182,793 shares in the last quarter. Finally, Nuveen LLC boosted its stake in shares of NBT Bancorp by 171.0% in the 4th 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. Institutional investors own 58.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NBTB shares. Wall Street Zen lowered NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. DA Davidson increased their price target on NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a report on Tuesday, July 21st. Keefe, Bruyette & Woods reissued a "hold" rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research report on Monday, August 3rd. Finally, Stephens lowered NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $54.10.

NBT Bancorp Stock Performance

NASDAQ:NBTB opened at $51.88 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $2.70 billion, a P/E ratio of 12.68 and a beta of 0.48. NBT Bancorp Inc. has a 1 year low of $39.19 and a 1 year high of $54.50. The business has a fifty day simple moving average of $50.98 and a two-hundred day simple moving average of $46.71.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its earnings results 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). The business had revenue of $186.69 million during the quarter, compared to analysts' expectations of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. On average, analysts expect that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's payout ratio is 36.19%.

Insider Activity at NBT Bancorp

In other NBT Bancorp news, Director Heidi M. Hoeller sold 2,100 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was 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 of the company's stock, valued at $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the transaction, the executive vice president owned 22,054 shares in the company, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 20,600 shares of company stock valued at $1,064,573. Company insiders own 2.99% of the company's stock.

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.

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