Goldman Sachs Group Inc. Trims Stake in NBT Bancorp Inc. $NBTB

Key Points

• Goldman Sachs reduced its stake in NBT Bancorp Inc. by 61.6%, selling 241,797 shares and holding approximately 0.32% of the company valued at $6.46 million.
• Several institutional investors increased their positions in NBT Bancorp, with Jane Street Group LLC raising its holdings by 1,188.4% during the first quarter.
• NBT Bancorp announced a quarterly dividend increase to $0.37 per share, which represents an annual yield of 3.4% and a payout ratio of 53.43%.

Goldman Sachs Group Inc. cut its holdings in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 61.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,547 shares of the bank's stock after selling 241,797 shares during the period. Goldman Sachs Group Inc. owned 0.32% of NBT Bancorp worth $6,458,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of NBT Bancorp by 4.7% during the 1st quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank's stock worth $29,939,000 after acquiring an additional 31,317 shares in the last quarter. Raymond James Financial Inc. raised its holdings in shares of NBT Bancorp by 3.6% during the 1st quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank's stock worth $22,018,000 after acquiring an additional 18,035 shares in the last quarter. NBT Bank N A NY raised its holdings in shares of NBT Bancorp by 1.7% during the 1st quarter. NBT Bank N A NY now owns 276,053 shares of the bank's stock worth $11,843,000 after acquiring an additional 4,595 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of NBT Bancorp by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock worth $10,075,000 after acquiring an additional 6,150 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of NBT Bancorp by 4.7% during the 4th quarter. ProShare Advisors LLC now owns 167,503 shares of the bank's stock worth $8,000,000 after acquiring an additional 7,500 shares in the last quarter. 58.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NBTB has been the topic of several recent research reports. Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a report on Tuesday, July 8th. DA Davidson boosted their target price on NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, NBT Bancorp has a consensus rating of "Hold" and an average target price of $52.00.

NBT Bancorp Price Performance

Shares of NASDAQ:NBTB traded down $0.79 during trading on Friday, reaching $43.40. The stock had a trading volume of 127,120 shares, compared to its average volume of 232,342. 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 business has a fifty day moving average price of $42.89 and a 200-day moving average price of $42.38. The stock has a market cap of $2.27 billion, a PE ratio of 15.67 and a beta of 0.60. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44.

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

NBT Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.4%. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, August 29th. NBT Bancorp's dividend payout ratio is presently 53.43%.

Insiders Place Their Bets

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction of $851,162.26. Following the transaction, the director owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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.