Invesco Ltd. Sells 6,437 Shares of NBT Bancorp Inc. $NBTB

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

Other institutional investors also recently modified their holdings of the company. TD Private Client Wealth LLC raised its position 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 acquiring an additional 294 shares during the period. Cloud Capital Management LLC acquired a new position in NBT Bancorp during the first quarter valued at approximately $68,000. KBC Group NV increased its stake in NBT Bancorp by 28.4% in the first quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after purchasing an additional 611 shares in the last quarter. US Bancorp DE raised its holdings 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 purchasing an additional 1,257 shares during the period. Finally, Captrust Financial Advisors acquired a new stake in NBT Bancorp in the fourth quarter worth $264,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NBTB. DA Davidson boosted their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 target price for the company in a research note on Tuesday, July 8th. Two investment 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 stock has a consensus rating of "Hold" and a consensus price target of $52.00.

Insider Activity

In other news, Director David J. Nasca sold 19,603 shares of the company's 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 sale, the director owned 82,910 shares in the company, valued at $3,599,952.20. This represents a 19.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.03% of the company's stock.

NBT Bancorp Stock Down 1.1%

NASDAQ NBTB traded down $0.49 on Monday, reaching $44.27. The company had a trading volume of 147,015 shares, compared to its average volume of 175,582. The company's fifty day moving average is $42.69 and its 200-day moving average is $42.67. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 15.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.88. 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 EPS for the quarter, beating analysts' consensus estimates 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%. On average, research analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

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

NBT Bancorp 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.