NBT Bancorp Inc. $NBTB Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in NBT Bancorp Inc. by 4.3%, now owning approximately 144,382 shares valued at $6.19 million.
• Multiple hedge funds, including TD Private Client Wealth LLC and US Bancorp DE, have increased their positions in NBT Bancorp, indicating strong institutional interest.
• NBT Bancorp announced an increase in its quarterly dividend from $0.34 to $0.37, providing a yield of 3.3% for shareholders.

Invesco Ltd. lessened its holdings in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 144,382 shares of the bank's stock after selling 6,437 shares during the period. Invesco Ltd. owned about 0.31% of NBT Bancorp worth $6,194,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Leigh Baldwin & CO. LLC purchased a new position in shares of NBT Bancorp in the 4th quarter valued at $52,606,000. Silvercrest Asset Management Group LLC purchased a new position in shares of NBT Bancorp in the 4th quarter valued at $38,978,000. Northern Trust Corp raised its stake in shares of NBT Bancorp by 4.9% in the 4th quarter. Northern Trust Corp now owns 726,413 shares of the bank's stock valued at $34,693,000 after acquiring an additional 33,855 shares during the period. Victory Capital Management Inc. raised its stake in shares of NBT Bancorp by 4.7% in the 1st quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank's stock valued at $29,939,000 after acquiring an additional 31,317 shares during the period. Finally, NBT Bank N A NY raised its stake in shares of NBT Bancorp by 1.7% in the 1st quarter. NBT Bank N A NY now owns 276,053 shares of the bank's stock valued at $11,843,000 after acquiring an additional 4,595 shares during the period. Hedge funds and other institutional investors own 58.46% of the company's stock.

NBT Bancorp Stock Performance

Shares of NASDAQ NBTB traded down $0.49 during midday trading on Monday, hitting $44.27. The company's stock had a trading volume of 147,015 shares, compared to its average volume of 175,582. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44. The firm's fifty day moving average price is $42.61 and its 200-day moving average price is $42.70. 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 firm has a market cap of $2.32 billion, a P/E ratio of 15.98 and a beta of 0.60.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $171.04 million. On average, sell-side analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio (DPR) is presently 53.43%.

Analyst Ratings Changes

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

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of the transaction, the director directly owned 82,910 shares of the company's stock, valued at $3,599,952.20. The trade was a 19.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.03% of the stock is owned by insiders.

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.