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 bought a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 15,000 shares of the bank's stock, valued at approximately $620,000.

A number of other hedge funds have also recently made changes to their positions in NBTB. Principal Financial Group Inc. grew its holdings in shares of NBT Bancorp by 2.7% during the first quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock worth $10,075,000 after purchasing an additional 6,150 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of NBT Bancorp during the first quarter valued at $884,000. Entropy Technologies LP acquired a new position in shares of NBT Bancorp during the first quarter worth $309,000. Deutsche Bank AG grew its stake in shares of NBT Bancorp by 53.1% in the fourth quarter. Deutsche Bank AG now owns 39,645 shares of the bank's stock worth $1,893,000 after purchasing an additional 13,742 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in NBT Bancorp in the first quarter valued at $278,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Down 0.8%

Shares of NBTB traded down $0.34 during trading hours on Monday, hitting $42.94. The stock had a trading volume of 66,811 shares, compared to its average volume of 233,347. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44. The firm has a market capitalization of $2.25 billion, a P/E ratio of 15.47 and a beta of 0.60. The firm has a 50 day simple moving average of $42.94 and a 200-day simple moving average of $42.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $171.04 million. Sell-side analysts predict that NBT Bancorp Inc. will post 3.69 EPS 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. Investors of record on Monday, September 1st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's payout ratio is 53.43%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction on 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 sale, the director owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company 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.