Teacher Retirement System of Texas Invests $323,000 in NBT Bancorp Inc. (NASDAQ:NBTB)

Teacher Retirement System of Texas bought a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,520 shares of the bank's stock, valued at approximately $323,000.

Other hedge funds have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in shares of NBT Bancorp by 45.5% during the 4th quarter. HighTower Advisors LLC now owns 7,613 shares of the bank's stock valued at $364,000 after acquiring an additional 2,382 shares during the period. Swiss National Bank lifted its position in NBT Bancorp by 0.8% during the fourth quarter. Swiss National Bank now owns 92,800 shares of the bank's stock valued at $4,432,000 after purchasing an additional 700 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in NBT Bancorp by 5.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 131,101 shares of the bank's stock valued at $6,261,000 after purchasing an additional 7,316 shares during the period. Cibc World Markets Corp purchased a new stake in NBT Bancorp in the fourth quarter worth about $206,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of NBT Bancorp in the fourth quarter worth about $435,000. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Stock Down 1.1%

NBT Bancorp stock traded down $0.49 during mid-day trading on Tuesday, hitting $42.45. The company had a trading volume of 197,582 shares, compared to its average volume of 236,822. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The business has a fifty day moving average of $42.34 and a 200 day moving average of $43.73. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 14.06 and a beta of 0.57.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. The firm had revenue of $155.31 million for the quarter, compared to analysts' expectations of $151.00 million. NBT Bancorp had a return on equity of 9.57% and a net margin of 17.99%. During the same quarter in the previous year, the firm posted $0.68 EPS. On average, sell-side analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $0.34 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.36 annualized dividend and a dividend yield of 3.20%. NBT Bancorp's dividend payout ratio is presently 45.03%.

Wall Street Analyst Weigh In

Several research firms have commented on NBTB. DA Davidson dropped their price objective on shares of NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a report on Monday, April 28th. Wall Street Zen downgraded shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research note on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $51.60.

Insider Buying and Selling at NBT Bancorp

In related news, Director Heidi M. Hoeller acquired 2,588 shares of the stock in a transaction dated Tuesday, May 6th. The stock was bought at an average cost of $42.88 per share, with a total value of $110,973.44. Following the purchase, the director directly owned 11,578 shares of the company's stock, valued at approximately $496,464.64. This represents a 28.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the transaction, the director directly owned 116,027 shares in the company, valued at $4,875,454.54. This represents a 6.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 5,491 shares of company stock worth $235,674 over the last 90 days. Company insiders own 3.03% of the company's stock.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.