NBT Bancorp Inc. (NASDAQ:NBTB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 21.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 538,455 shares of the bank's stock after selling 144,798 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.14% of NBT Bancorp worth $23,100,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC raised its holdings in NBT Bancorp by 817.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock valued at $69,000 after acquiring an additional 1,292 shares during the period. KBC Group NV increased its holdings 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 worth $119,000 after purchasing an additional 611 shares during the last quarter. Cibc World Markets Corp bought a new stake in shares of NBT Bancorp in the fourth quarter worth about $206,000. Summit Investment Advisors Inc. increased its holdings in shares of NBT Bancorp by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank's stock worth $230,000 after purchasing an additional 310 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of NBT Bancorp in the fourth quarter worth about $264,000. 58.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NBTB shares. Wall Street Zen cut NBT Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Tuesday, July 8th. Finally, DA Davidson reduced their price objective on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, NBT Bancorp has a consensus rating of "Hold" and a consensus target price of $51.60.

Insider Buying and Selling

In related news, Director John H. Watt, Jr. sold 7,869 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $4,875,454.54. The trade was a 6.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heidi M. Hoeller purchased 2,588 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was purchased at an average price of $42.88 per share, with a total value of $110,973.44. Following the acquisition, the director directly owned 11,578 shares of the company's stock, valued at $496,464.64. This trade represents a 28.79% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 5,491 shares of company stock valued at $235,674 in the last quarter. 3.03% of the stock is owned by company insiders.

NBT Bancorp Trading Down 0.4%

NASDAQ NBTB traded down $0.17 during trading hours on Monday, hitting $42.94. 141,354 shares of the company were exchanged, compared to its average volume of 236,857. The stock has a 50-day moving average price of $42.37 and a 200 day moving average price of $43.77. 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. The stock has a market cap of $2.03 billion, a PE ratio of 14.22 and a beta of 0.57.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its 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. 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 analyst estimates of $151.00 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. Analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.17%. NBT Bancorp's payout ratio is 45.03%.

NBT Bancorp 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.