Deutsche Bank AG Makes New Investment in NBT Bancorp Inc. $NBTB

Key Points

• Deutsche Bank initiated a position in NBT Bancorp during the second quarter, purchasing 55,960 shares valued at approximately $2.76 million. Institutional investors collectively own 58.46% of the company.
• NBT Bancorp’s latest quarterly earnings slightly missed expectations, with earnings of $1.01 per share and revenue of $186.69 million. The company increased its quarterly dividend to $0.40 per share, implying a 3.1% annual yield.
• NBTB shares opened at $51.43, near the analyst consensus target of $54.10. Analyst opinion remains mixed, with three Buy ratings and five Hold ratings, while insiders sold 20,600 shares worth about $1.06 million over the past 90 days.

Deutsche Bank AG bought a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 55,960 shares of the bank's stock, valued at approximately $2,763,000. Deutsche Bank AG owned approximately 0.11% of NBT Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of NBTB. Focused Wealth Management Inc purchased a new position in NBT Bancorp in the second quarter valued at about $363,000. HBK Sorce Advisory LLC acquired a new stake in shares of NBT Bancorp during the second quarter worth approximately $444,000. Global Retirement Partners LLC bought a new stake in shares of NBT Bancorp in the second quarter worth $49,000. Bank of New York Mellon Corp bought a new stake in shares of NBT Bancorp in the second quarter worth $22,685,000. Finally, Western Wealth Management LLC acquired a new stake in NBT Bancorp in the first quarter valued at $37,000. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the sale, the executive vice president directly owned 11,928 shares in the company, valued at $647,690.40. The trade was a 27.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Heidi M. Hoeller sold 2,100 shares of the business's 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 sale, the director directly owned 11,560 shares of the company's stock, valued at $555,226.80. This represents a 15.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,600 shares of company stock worth $1,064,573 over the last ninety days. 2.99% of the stock is currently owned by insiders.

NBT Bancorp Stock Down 0.2%

NASDAQ:NBTB opened at $51.43 on Friday. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 12.57 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 current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08. The business's fifty day moving average price is $51.43 and its 200 day moving average price is $46.91.

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

NBT Bancorp Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NBTB shares. DA Davidson increased their target price on NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Stephens downgraded shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Weiss Ratings restated a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Piper Sandler increased their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Finally, Wall Street Zen downgraded shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $54.10.

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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