Bank of New York Mellon Corp Makes New $22.68 Million Investment in NBT Bancorp Inc. $NBTB

Key Points

• Bank of New York Mellon purchased 459,484 NBT Bancorp shares worth approximately $22.7 million, representing a 0.88% stake. Institutional investors collectively own 58.46% of the bank.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds; the consensus rating is Hold with a $54.10 price target. NBTB recently traded at $51.55 after reporting quarterly EPS of $1.01, slightly below estimates.
• NBT Bancorp raised its quarterly dividend to $0.40 per share, equivalent to a $1.60 annualized payout and a 3.1% yield. Insiders sold 20,600 shares worth about $1.06 million during the last quarter.

Bank of New York Mellon Corp bought a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 459,484 shares of the bank's stock, valued at approximately $22,685,000. Bank of New York Mellon Corp owned 0.88% of NBT Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after acquiring an additional 609 shares during the period. Larson Financial Group LLC boosted its position in shares of NBT Bancorp by 13,316.7% in the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock worth $34,000 after purchasing an additional 799 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after purchasing an additional 324 shares in the last quarter. Western Wealth Management LLC bought a new position in NBT Bancorp during the 1st quarter valued at approximately $37,000. Finally, Global Retirement Partners LLC increased its position in NBT Bancorp by 62.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock valued at $43,000 after buying an additional 399 shares in the last quarter. Institutional investors own 58.46% of the company's stock.

Insiders Place Their Bets

In other news, EVP Ruth H. Mahoney sold 4,500 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the transaction, the executive vice president owned 11,928 shares of the company's stock, valued at $647,690.40. This represents a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the sale, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. This trade represents a 28.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,600 shares of company stock worth $1,064,573. Corporate insiders own 2.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NBTB. DA Davidson upped their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Stephens cut NBT Bancorp from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $52.00 to $55.00 in a research report on Thursday, July 30th. Keefe, Bruyette & Woods reiterated a "hold" rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Wall Street Zen lowered NBT Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Piper Sandler upped their price target on NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, NBT Bancorp has an average rating of "Hold" and a consensus target price of $54.10.

NBT Bancorp Price Performance

NBTB stock opened at $51.55 on Monday. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 12.60 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. The business's 50-day moving average is $51.52 and its two-hundred day moving average is $46.95. NBT Bancorp Inc. has a fifty-two week low of $39.19 and a fifty-two week high of $54.50.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). The company had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. As a group, analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

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

NBT Bancorp 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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