Cetera Investment Advisers Invests $1.05 Million in NBT Bancorp Inc. (NASDAQ:NBTB)

Key Points

• Cetera Investment Advisers acquired 24,504 shares of NBT Bancorp Inc., valued at approximately $1,051,000, during the first quarter of the year.
• Recently, NBT Bancorp announced an increase in its quarterly dividend from $0.34 to $0.37 per share, reflecting a positive change for shareholders and an annualized dividend yield of 3.6%.
• NBT Bancorp's stock has received mixed reviews from analysts, with a consensus rating of "Hold" and a target price of $52.00, following various upgrades and adjustments from different investment firms.

Cetera Investment Advisers acquired a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,504 shares of the bank's stock, valued at approximately $1,051,000. Cetera Investment Advisers owned 0.05% of NBT Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its position in NBT Bancorp by 51.3% in the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after acquiring an additional 294 shares during the period. Cloud Capital Management LLC purchased a new position in NBT Bancorp during the first quarter valued at approximately $68,000. Sterling Capital Management LLC grew its stake 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 in the last quarter. KBC Group NV grew its stake in NBT Bancorp by 28.4% during the first quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after acquiring an additional 611 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in NBT Bancorp by 6.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank's stock valued at $230,000 after acquiring an additional 310 shares in the last quarter. Institutional investors own 58.46% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on NBTB shares. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. DA Davidson boosted their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research note on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, NBT Bancorp presently has an average rating of "Hold" and an average target price of $52.00.

NBT Bancorp Price Performance

NBT Bancorp stock traded down $0.95 during mid-day trading on Friday, hitting $42.13. 295,110 shares of the company traded hands, compared to its average volume of 206,871. NBT Bancorp Inc. has a one year low of $37.31 and a one year high of $52.44. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 15.21 and a beta of 0.59. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average price of $42.05 and a 200-day moving average price of $43.03.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. The business had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. On average, equities analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a dividend of $0.37 per share. The ex-dividend date is Friday, August 29th. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a yield of 3.5%. NBT Bancorp's dividend payout ratio (DPR) is presently 49.10%.

Insider Activity at NBT Bancorp

In other news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director directly owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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. The trade was a 6.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.03% of the company's stock.

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.