Jupiter Topco LLC Acquires New Position in NBT Bancorp Inc. $NBTB

Key Points

• Jupiter Topco acquired 23,310 shares of NBT Bancorp during the second quarter, valued at approximately $1.15 million. Institutional investors collectively own 58.46% of the bank’s stock.
• Analyst sentiment is mixed: NBTB has an overall “Hold” rating and a consensus price target of $54.10, while recent targets range from $54 to $56. The company slightly missed quarterly earnings and revenue estimates.
• NBT Bancorp raised its quarterly dividend to $0.40 per share, equivalent to an annualized $1.60 dividend and a 3.1% yield. Insiders, however, sold 15,600 shares worth about $831,573 over the past 90 days.

Jupiter Topco LLC acquired a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 23,310 shares of the bank's stock, valued at approximately $1,151,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NBTB. Louisiana State Employees Retirement System acquired a new stake in NBT Bancorp during the first quarter valued at $988,000. Bank of America Corp DE increased its position in NBT Bancorp by 32.5% in the 1st quarter. Bank of America Corp DE now owns 161,740 shares of the bank's stock worth $6,887,000 after purchasing an additional 39,665 shares during the last quarter. Edgestream Partners L.P. acquired a new position in NBT Bancorp in the 1st quarter worth about $3,590,000. Empowered Funds LLC purchased a new stake in shares of NBT Bancorp during the 1st quarter worth about $1,545,000. Finally, BlackRock Inc. purchased a new stake in shares of NBT Bancorp during the 2nd quarter worth about $369,183,000. Hedge funds and other institutional investors own 58.46% of the company's stock.

Insiders Place Their Bets

In related news, Director Heidi M. Hoeller sold 2,100 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the completion of the sale, the director owned 11,560 shares in the company, valued at approximately $555,226.80. This trade represents a 15.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ruth H. Mahoney sold 4,500 shares of NBT Bancorp stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total value of $244,350.00. Following the sale, the executive vice president directly owned 11,928 shares in the company, valued at approximately $647,690.40. This trade represents a 27.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 15,600 shares of company stock worth $831,573 in the last ninety days. Insiders own 2.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NBTB. Keefe, Bruyette & Woods reissued a "hold" rating and issued a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a research note on Monday, August 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Piper Sandler boosted their target price on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Wall Street Zen lowered shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Stephens downgraded shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $54.10.

NBT Bancorp Stock Performance

NBTB opened at $52.27 on Friday. The firm has a market capitalization of $2.72 billion, a P/E ratio of 12.78 and a beta of 0.47. The stock's 50 day moving average price is $51.80 and its two-hundred day moving average price is $47.14. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $54.50.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). The business had revenue of $186.69 million during the quarter, compared to the consensus estimate of $188.81 million. NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. On average, equities analysts forecast that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.40 dividend. This is a boost from NBT Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. NBT Bancorp's payout ratio is currently 39.12%.

NBT Bancorp Profile

NBT Bancorp, Inc NASDAQ: NBTB is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.

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