Bank of America Corp DE Has $6.89 Million Holdings in NBT Bancorp Inc. $NBTB

Key Points

• Bank of America increased its NBT Bancorp stake by 32.5% in the first quarter, holding 161,740 shares worth approximately $6.89 million. Institutional investors collectively own 58.46% of the company.
• NBT Bancorp insiders sold 20,600 shares worth about $1.06 million over the past three months, while the company’s stock traded near $51.39 and remained close to its 52-week high.
• The bank raised its quarterly dividend from $0.37 to $0.40 per share, equivalent to a 3.1% annual yield. Analysts’ consensus rating remains “Hold,” with an average price target of $54.10.

Bank of America Corp DE grew its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 32.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,740 shares of the bank's stock after purchasing an additional 39,665 shares during the quarter. Bank of America Corp DE owned approximately 0.31% of NBT Bancorp worth $6,887,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NBTB. Louisiana State Employees Retirement System bought a new position in NBT Bancorp in the 1st quarter worth approximately $988,000. Hsbc Holdings PLC bought a new stake in NBT Bancorp during the 1st quarter valued at $1,013,000. Edgestream Partners L.P. bought a new stake in NBT Bancorp during the 1st quarter valued at $3,590,000. Empowered Funds LLC purchased a new stake in shares of NBT Bancorp during the first quarter worth $1,545,000. Finally, SG Americas Securities LLC lifted its position in shares of NBT Bancorp by 61.3% during the first quarter. SG Americas Securities LLC now owns 115,900 shares of the bank's stock worth $4,935,000 after acquiring an additional 44,048 shares in the last quarter. Hedge funds and other institutional investors own 58.46% of the company's stock.

Insider Activity at NBT Bancorp

In other news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction dated 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 transaction, the director owned 11,560 shares of the company's stock, valued at $555,226.80. The trade was a 15.37% decrease in their position. The transaction was disclosed in a document filed 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 transaction of $486,360.00. Following the completion of the transaction, the executive vice president directly owned 22,054 shares of the company's stock, valued at $1,191,798.16. This trade represents a 28.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,600 shares of company stock valued at $1,064,573 in the last three months. Company insiders own 2.99% of the company's stock.

NBT Bancorp Stock Down 1.2%

Shares of NBT Bancorp stock opened at $51.39 on Wednesday. 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 Inc. has a 52-week low of $39.19 and a 52-week high of $54.50. The company's 50 day moving average price is $51.23 and its 200-day moving average price is $46.84. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 12.56 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly 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). The business had revenue of $186.69 million for the quarter, compared to analysts' expectations of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. Equities research analysts forecast that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Increases Dividend

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

Analyst Upgrades and Downgrades

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

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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