American Century Companies Inc. Sells 103,890 Shares of NBT Bancorp Inc. $NBTB

Key Points

• American Century Companies Inc. reduced its stake in NBT Bancorp by 27.3%, selling 103,890 shares to hold 276,404 shares, valued at $11.86 million.
• NBT Bancorp reported earnings of $0.88 per share for the latest quarter, exceeding expectations, alongside a revenue of $171.15 million.
• The company announced an increase in its quarterly dividend from $0.34 to $0.37, representing a yield of 3.3% and a payout ratio of 49.10%.

American Century Companies Inc. decreased its position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 27.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 276,404 shares of the bank's stock after selling 103,890 shares during the quarter. American Century Companies Inc. owned approximately 0.58% of NBT Bancorp worth $11,858,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC grew its stake in NBT Bancorp by 51.3% in the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock valued at $37,000 after buying an additional 294 shares during the last quarter. Cloud Capital Management LLC bought a new stake in NBT Bancorp during the first quarter valued at about $68,000. Stone House Investment Management LLC bought a new stake in NBT Bancorp during the first quarter valued at about $88,000. KBC Group NV grew its position in shares of NBT Bancorp by 28.4% in the first quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after purchasing an additional 611 shares during the last quarter. Finally, US Bancorp DE increased its stake in shares of NBT Bancorp by 68.5% in the first quarter. US Bancorp DE now owns 3,093 shares of the bank's stock worth $133,000 after purchasing an additional 1,257 shares during the period. 58.46% of the stock is currently owned by institutional investors and hedge funds.

NBT Bancorp Trading Down 1.1%

NBT Bancorp stock opened at $44.40 on Tuesday. The business has a 50 day moving average price of $42.23 and a two-hundred day moving average price of $42.80. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. NBT Bancorp Inc. has a 12 month low of $37.31 and a 12 month high of $52.44. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 16.03 and a beta of 0.59.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The company had revenue of $171.15 million for the quarter, compared to analyst estimates of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. As a group, equities analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.37 dividend. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.48 annualized dividend and a yield of 3.3%. NBT Bancorp's payout ratio is presently 49.10%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Piper Sandler upgraded NBT Bancorp to a "neutral" rating and set a $47.00 target price for the company in a research note on Tuesday, July 8th. Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, DA Davidson raised their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $52.00.

Insiders Place Their Bets

In related news, Director John H. Watt, Jr. sold 7,869 shares of the company's 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 sale, the director owned 116,027 shares of the company's stock, valued at $4,875,454.54. The trade was a 6.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David J. Nasca sold 19,603 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the transaction, the director directly owned 82,910 shares of the company's stock, valued at $3,599,952.20. This trade represents a 19.12% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.03% of the company's stock.

About NBT Bancorp

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.

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