Empowered Funds LLC bought a new stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 36,284 shares of the bank's stock, valued at approximately $1,545,000. Empowered Funds LLC owned 0.07% of NBT Bancorp at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in shares of NBT Bancorp by 29.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank's stock worth $23,856,000 after acquiring an additional 128,316 shares during the last quarter. Quantinno Capital Management LP increased its stake in NBT Bancorp by 45.0% in the first quarter. Quantinno Capital Management LP now owns 10,471 shares of the bank's stock worth $446,000 after purchasing an additional 3,248 shares during the period. Entropy Technologies LP bought a new stake in shares of NBT Bancorp during the first quarter worth $281,000. Arrowstreet Capital Limited Partnership lifted its position in shares of NBT Bancorp by 28.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 57,719 shares of the bank's stock worth $2,458,000 after purchasing an additional 12,774 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of NBT Bancorp by 7.7% during the first quarter. Cetera Investment Advisers now owns 30,329 shares of the bank's stock valued at $1,291,000 after purchasing an additional 2,169 shares during the period. Institutional investors own 58.46% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Stephens cut 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 report on Thursday, July 30th. Hovde Group lowered their price objective on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating for the company in a research report on Monday, April 27th. Keefe, Bruyette & Woods restated a "hold" rating and issued a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. DA Davidson raised their target price on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.10.
Check Out Our Latest Analysis on NBT Bancorp
NBT Bancorp Stock Performance
Shares of NBT Bancorp stock opened at $52.66 on Friday. The company has a market capitalization of $2.74 billion, a PE ratio of 12.88 and a beta of 0.48. The company has a 50-day simple moving average of $49.83 and a two-hundred day simple moving average of $46.13. NBT Bancorp Inc. has a one year low of $39.19 and a one year high of $54.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87.
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 for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The firm had revenue of $186.69 million during 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%. Research analysts expect that NBT Bancorp Inc. will post 4.15 EPS for the current fiscal year.
NBT Bancorp Increases Dividend
The company also recently announced 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 annualized dividend and a yield of 3.0%. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 1st. NBT Bancorp's payout ratio is 36.19%.
Insiders Place Their Bets
In other NBT Bancorp news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction on Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director directly owned 11,560 shares of the company's stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ruth H. Mahoney sold 5,000 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $46.60, for a total value of $233,000.00. Following the transaction, the executive vice president directly owned 16,428 shares in the company, valued at $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is currently owned by insiders.
About NBT Bancorp
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Free Report)
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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