BlackRock Inc. Invests $369.18 Million in NBT Bancorp Inc. $NBTB

Key Points

• BlackRock acquired a new 7.48 million-share stake in NBT Bancorp valued at approximately $369.2 million, representing about 14.38% of the company. Institutional investors collectively own 58.46% of NBTB.
• NBT Bancorp reported quarterly revenue of $186.7 million and earnings of $1.01 per share, slightly below analyst expectations. Analysts maintain a consensus “Hold” rating with a $54.10 target price.
• The bank increased its quarterly dividend from $0.37 to $0.40 per share, implying an annualized dividend of $1.60 and a 3.1% yield.

BlackRock Inc. acquired a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,477,880 shares of the bank's stock, valued at approximately $369,183,000. BlackRock Inc. owned about 14.38% of NBT Bancorp as of its most recent filing with the SEC.

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

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $51.39 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average price of $51.23 and a 200-day moving average price of $46.84. NBT Bancorp Inc. has a 52 week low of $39.19 and a 52 week high of $54.50. The firm has a market capitalization of $2.67 billion, a PE ratio of 12.56 and a beta of 0.48.

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

NBT Bancorp Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Piper Sandler lifted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods reiterated a "hold" rating and issued a $54.00 price objective (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Stephens lowered shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $52.00 to $55.00 in a research note on Thursday, July 30th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.10.

Insider Activity

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 5,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $46.60, for a total transaction of $233,000.00. Following the completion of the sale, the executive vice president directly owned 16,428 shares of the company's stock, valued at approximately $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the transaction, the director owned 11,560 shares in the company, valued at $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,600 shares of company stock valued at $1,064,573 in the last ninety days. 2.99% of the stock is currently owned by company insiders.

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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