GAMMA Investing LLC Purchases 58,980 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

GAMMA Investing LLC grew its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 4,554.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,275 shares of the bank's stock after purchasing an additional 58,980 shares during the quarter. GAMMA Investing LLC owned about 0.13% of NBT Bancorp worth $2,586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Sterling Capital Management LLC grew its holdings 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 purchasing an additional 1,292 shares during the period. Rialto Wealth Management LLC acquired a new stake in NBT Bancorp during the 4th quarter worth $87,000. US Bancorp DE lifted its holdings in NBT Bancorp by 42.0% during the fourth quarter. US Bancorp DE now owns 1,836 shares of the bank's stock worth $88,000 after acquiring an additional 543 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of NBT Bancorp by 27.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,755 shares of the bank's stock worth $132,000 after acquiring an additional 597 shares in the last quarter. Finally, First National Bank & Trust Co. of Newtown bought a new stake in shares of NBT Bancorp in the fourth quarter worth about $202,000. 58.46% of the stock is currently owned by institutional investors.

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the sale, the director now owns 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Heidi M. Hoeller acquired 2,588 shares of NBT Bancorp stock in a transaction on Tuesday, May 6th. The shares were purchased at an average cost of $42.88 per share, with a total value of $110,973.44. Following the completion of the acquisition, the director now owns 11,578 shares of the company's stock, valued at $496,464.64. This trade represents a 28.79% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 5,491 shares of company stock valued at $235,674 in the last 90 days. 3.03% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NBTB shares. DA Davidson dropped their price target on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Wall Street Zen lowered NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Hovde Group started coverage on NBT Bancorp in a research report on Friday, March 21st. They set a "market perform" rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, NBT Bancorp presently has an average rating of "Hold" and an average price target of $52.75.

NBT Bancorp Price Performance

NBTB stock traded down $1.22 during midday trading on Friday, reaching $40.76. 187,455 shares of the stock were exchanged, compared to its average volume of 239,264. NBT Bancorp Inc. has a 52 week low of $35.20 and a 52 week high of $52.44. The company has a fifty day moving average price of $41.81 and a 200 day moving average price of $45.18. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $1.93 billion, a PE ratio of 13.77 and a beta of 0.58.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.04. The company had revenue of $155.31 million for the quarter, compared to analyst estimates of $151.00 million. NBT Bancorp had a net margin of 17.84% and a return on equity of 9.39%. During the same quarter in the previous year, the business earned $0.68 earnings per share. As a group, analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.34 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.36 annualized dividend and a dividend yield of 3.34%. NBT Bancorp's dividend payout ratio is currently 45.03%.

NBT Bancorp Company Profile

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.