Bank of New York Mellon Corp Sells 144,798 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

Bank of New York Mellon Corp decreased its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 21.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 538,455 shares of the bank's stock after selling 144,798 shares during the quarter. Bank of New York Mellon Corp owned about 1.14% of NBT Bancorp worth $23,100,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NBTB. Sterling Capital Management LLC boosted its stake in shares of NBT Bancorp by 817.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock worth $69,000 after acquiring an additional 1,292 shares during the period. KBC Group NV boosted its stake in shares of NBT Bancorp by 28.4% during the 1st quarter. KBC Group NV now owns 2,763 shares of the bank's stock worth $119,000 after acquiring an additional 611 shares during the period. Cibc World Markets Corp bought a new position in shares of NBT Bancorp during the 4th quarter worth approximately $206,000. Summit Investment Advisors Inc. boosted its stake in shares of NBT Bancorp by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank's stock worth $230,000 after acquiring an additional 310 shares during the period. Finally, Captrust Financial Advisors bought a new position in shares of NBT Bancorp during the 4th quarter worth approximately $264,000. Institutional investors and hedge funds own 58.46% of the company's stock.

Insider Transactions at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 7,869 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the sale, the director owned 116,027 shares of the company's stock, valued at approximately $4,875,454.54. This represents a 6.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Heidi M. Hoeller purchased 2,588 shares of the firm's 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 owned 11,578 shares of the company's stock, valued at approximately $496,464.64. This trade represents a 28.79% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 5,491 shares of company stock valued at $235,674. Insiders own 3.03% of the company's stock.

NBT Bancorp Price Performance

Shares of NASDAQ:NBTB traded down $0.66 during trading on Friday, reaching $43.11. 187,745 shares of the company traded hands, compared to its average volume of 237,241. The company's 50 day moving average is $42.37 and its two-hundred day moving average is $43.77. The firm has a market capitalization of $2.04 billion, a PE ratio of 14.27 and a beta of 0.57. 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 52 week low of $37.31 and a 52 week high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.04. NBT Bancorp had a return on equity of 9.57% and a net margin of 17.99%. The business had revenue of $155.31 million during the quarter, compared to the consensus estimate of $151.00 million. During the same period in the prior year, the company earned $0.68 EPS. As a group, sell-side analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.34 dividend. The ex-dividend date was Monday, June 2nd. This represents a $1.36 dividend on an annualized basis and a yield of 3.15%. NBT Bancorp's payout ratio is presently 45.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 target price for the company in a report on Tuesday, July 8th. DA Davidson dropped their target price on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, Wall Street Zen downgraded NBT Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, NBT Bancorp presently has an average rating of "Hold" and a consensus price target of $51.60.

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.