Hsbc Holdings PLC Sells 10,090 Shares of NBT Bancorp Inc. $NBTB

Key Points

• Hsbc Holdings PLC reduced its stake in NBT Bancorp Inc. by 59.7% during the first quarter, holding a position valued at $293,000 as of its most recent filing.
• NBT Bancorp's quarterly earnings beat analysts' expectations with $0.88 earnings per share, and the company recently announced an increase in its quarterly dividend from $0.34 to $0.37 per share.
• Analysts have mixed views on NBT Bancorp, with target prices ranging from $47.00 to $55.00 and a majority rating of "Hold" from various equities research analysts.

Hsbc Holdings PLC reduced its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 59.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,823 shares of the bank's stock after selling 10,090 shares during the period. Hsbc Holdings PLC's holdings in NBT Bancorp were worth $293,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. TD Private Client Wealth LLC lifted its stake in shares of NBT Bancorp by 51.3% during the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after purchasing an additional 294 shares during the last quarter. Cloud Capital Management LLC purchased a new position in shares of NBT Bancorp during the 1st quarter worth $68,000. Stone House Investment Management LLC acquired a new stake in shares of NBT Bancorp during the first quarter valued at about $88,000. KBC Group NV raised its holdings in shares of NBT Bancorp by 28.4% during the first quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after buying an additional 611 shares during the last quarter. Finally, US Bancorp DE grew its position in NBT Bancorp by 68.5% in the first quarter. US Bancorp DE now owns 3,093 shares of the bank's stock worth $133,000 after buying an additional 1,257 shares during the last quarter. Institutional investors own 58.46% of the company's stock.

Insider Activity

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the stock in a transaction that occurred 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 $3,599,952.20. This trade represents a 19.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NBTB. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. DA Davidson raised their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $52.00.

NBT Bancorp Stock Down 0.3%

NASDAQ:NBTB traded down $0.14 during mid-day trading on Monday, reaching $43.90. The company's stock had a trading volume of 74,203 shares, compared to its average volume of 236,399. The firm has a market capitalization of $2.30 billion, a PE ratio of 15.83 and a beta of 0.60. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The stock has a fifty day moving average of $42.91 and a 200-day moving average of $42.56. 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 data on Monday, July 28th. The bank reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. The business had revenue of $171.15 million for the quarter, compared to analysts' expectations of $171.04 million. Equities research analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given a $0.37 dividend. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Friday, August 29th. NBT Bancorp's dividend payout ratio (DPR) is currently 53.43%.

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.