Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 41,956 NBT Bancorp Inc. $NBTB

Key Points

• Connor Clark & Lunn Investment Management bought 41,956 NBT Bancorp shares worth approximately $2.07 million, while institutional investors collectively own 58.46% of the stock.
• NBT Bancorp insiders sold 20,600 shares valued at about $1.06 million over the past 90 days. Analysts maintain a consensus “Hold” rating with a $54.10 price target, despite mixed rating changes.
• The company raised its quarterly dividend from $0.37 to $0.40 per share, implying an annualized dividend of $1.60 and a 3.1% yield. Its latest quarterly earnings and revenue slightly missed analyst estimates.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 41,956 shares of the bank's stock, valued at approximately $2,071,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of NBT Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake 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 in the last quarter. Larson Financial Group LLC grew its stake in shares of NBT Bancorp by 13,316.7% in the third 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. increased its holdings in shares of NBT Bancorp by 63.8% during the first quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock valued at $35,000 after purchasing an additional 324 shares during the period. Western Wealth Management LLC acquired a new position in shares of NBT Bancorp during the first quarter valued at $37,000. Finally, Global Retirement Partners LLC raised its stake in shares of NBT Bancorp by 62.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock valued at $43,000 after purchasing an additional 399 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Sarah A. Halliday sold 9,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the completion of the sale, the executive vice president directly owned 22,054 shares of the company's stock, valued at approximately $1,191,798.16. This represents a 28.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heidi M. Hoeller sold 2,100 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $48.03, for a total value of $100,863.00. Following the sale, the director owned 11,560 shares of the company's stock, 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. In the last 90 days, insiders sold 20,600 shares of company stock valued at $1,064,573. Company insiders own 2.99% of the company's stock.

Analysts Set New Price Targets

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

NBT Bancorp Trading Up 0.2%

NASDAQ:NBTB opened at $51.55 on Friday. The stock has a fifty day simple moving average of $51.52 and a 200 day simple moving average of $46.94. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 12.60 and a beta of 0.48. NBT Bancorp Inc. has a 1-year low of $39.19 and a 1-year high of $54.50. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings data 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). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The company had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. Sell-side analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

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

About NBT Bancorp

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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