Mendon Capital Advisors Corp Invests $620,000 in NBT Bancorp Inc. $NBTB

Key Points

• Mendon Capital Advisors Corp has invested $620,000 in NBT Bancorp Inc., acquiring 15,000 shares of the bank's stock during the first quarter of 2023.
• NBT Bancorp announced a dividend increase to $0.37 per share, to be paid on September 15th, representing an annual yield of 3.4%.
• Analysts have recently raised their price targets for NBT Bancorp, with a consensus rating of Hold and a target price of $52.00.

Mendon Capital Advisors Corp acquired a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,000 shares of the bank's stock, valued at approximately $620,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Silvercrest Asset Management Group LLC purchased a new stake in NBT Bancorp in the 4th quarter valued at about $38,978,000. Victory Capital Management Inc. raised its holdings in 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 buying an additional 31,317 shares during the period. Raymond James Financial Inc. raised its holdings in NBT Bancorp by 3.6% in the 1st quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank's stock valued at $22,018,000 after buying an additional 18,035 shares during the period. NBT Bank N A NY raised its holdings in 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 buying an additional 4,595 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in NBT Bancorp by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock valued at $10,075,000 after buying an additional 6,150 shares during the period. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Stock Performance

Shares of NBTB opened at $43.16 on Wednesday. The stock has a 50 day moving average price of $42.96 and a 200 day moving average price of $42.55. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 15.58 and a beta of 0.60. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44.

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. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%.The business had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million. Research analysts predict 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 issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.4%. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 29th. NBT Bancorp's dividend payout ratio is currently 53.43%.

Insiders Place Their Bets

In other NBT Bancorp 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 value of $851,162.26. Following the sale, the director owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.03% of the company's stock.

Analyst Ratings Changes

NBTB has been the topic of a number of recent research reports. DA Davidson boosted their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a research report 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $52.00.

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.

Want to see what other hedge funds are holding NBTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NBT Bancorp Inc. (NASDAQ:NBTB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.