Hsbc Holdings PLC Decreases Position in 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 trimmed its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 59.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,823 shares of the bank's stock after selling 10,090 shares during the quarter. Hsbc Holdings PLC's holdings in NBT Bancorp were worth $293,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its stake in shares of NBT Bancorp by 51.3% in the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock valued at $37,000 after buying an additional 294 shares during the period. Cloud Capital Management LLC purchased a new position in shares of NBT Bancorp in the 1st quarter valued at about $68,000. Stone House Investment Management LLC purchased a new position in shares of NBT Bancorp in the 1st quarter valued at about $88,000. KBC Group NV boosted its stake in shares of NBT Bancorp by 28.4% in the 1st 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 period. Finally, US Bancorp DE boosted its stake in shares of NBT Bancorp by 68.5% in the 1st quarter. US Bancorp DE now owns 3,093 shares of the bank's stock valued at $133,000 after buying an additional 1,257 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director David J. Nasca sold 19,603 shares of the company'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 $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.03% of the company's stock.

Analyst Ratings Changes

NBTB has been the subject of several recent research reports. DA Davidson lifted their price objective on NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Piper Sandler upgraded NBT Bancorp to a "neutral" rating and set a $47.00 target price for the company in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, NBT Bancorp currently has an average rating of "Hold" and an average target price of $52.00.

NBT Bancorp Stock Performance

NBTB traded down $0.47 during trading on Tuesday, hitting $43.47. 16,637 shares of the stock were exchanged, compared to its average volume of 235,572. The firm has a market capitalization of $2.28 billion, a P/E ratio of 15.69 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. The stock has a fifty day moving average price of $42.95 and a two-hundred day moving average price of $42.54. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. The company 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%. As a group, sell-side analysts predict that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

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

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.