NBT Bancorp Inc. (NASDAQ:NBTB) Shares Sold by Legato Capital Management LLC

Key Points

• Legato Capital Management LLC reduced its stake in NBT Bancorp Inc. by 51.4% during the 1st quarter, holding 7,210 shares valued at $309,000 after selling 7,625 shares.
• Institutional investor activity increased, with Leigh Baldwin & CO. LLC and Silvercrest Asset Management Group LLC making significant new investments in the bank during the fourth quarter.
• Analyst ratings for NBT Bancorp are mixed, with one firm downgrading to "sell” and others issuing "buy" and "hold" ratings, resulting in a consensus rating of "Hold" and a target price of $51.60.

Legato Capital Management LLC trimmed its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 51.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,210 shares of the bank's stock after selling 7,625 shares during the quarter. Legato Capital Management LLC's holdings in NBT Bancorp were worth $309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Private Client Wealth LLC lifted its holdings in 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 buying an additional 294 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in shares of NBT Bancorp in the 1st quarter valued at about $68,000. Sterling Capital Management LLC lifted its holdings in shares of NBT Bancorp by 817.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock valued at $69,000 after purchasing an additional 1,292 shares during the last quarter. KBC Group NV lifted its holdings 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 purchasing an additional 611 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of NBT Bancorp by 6.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank's stock valued at $230,000 after purchasing an additional 310 shares during the last quarter. 58.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NBTB has been the subject of several research reports. Wall Street Zen downgraded NBT Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. DA Davidson reduced their price objective on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Finally, Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $51.60.

NBT Bancorp Stock Performance

Shares of NBTB stock traded up $0.89 during trading hours on Tuesday, reaching $42.36. 39,147 shares of the company's stock were exchanged, compared to its average volume of 243,909. The company has a market cap of $2.00 billion, a P/E ratio of 14.05 and a beta of 0.57. The company's 50 day moving average is $42.09 and its two-hundred day moving average is $43.57. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.86 and a quick ratio of 0.86.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. The business had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. NBT Bancorp had a return on equity of 9.57% and a net margin of 17.99%. Equities research analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, June 2nd. NBT Bancorp's dividend payout ratio is currently 45.03%.

Insider Buying and Selling

In other news, Director Heidi M. Hoeller purchased 2,588 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were acquired at an average price of $42.88 per share, for a total transaction of $110,973.44. Following the acquisition, the director directly owned 11,578 shares in the company, valued at approximately $496,464.64. The trade was a 28.79% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the sale, the director owned 116,027 shares in the company, valued at approximately $4,875,454.54. This represents a 6.35% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.03% of the company's stock.

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.