Millennium Management LLC Increases Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

Millennium Management LLC boosted its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 21.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,772 shares of the bank's stock after purchasing an additional 9,526 shares during the period. Millennium Management LLC owned about 0.11% of NBT Bancorp worth $2,568,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC boosted its position in NBT Bancorp by 817.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock valued at $69,000 after acquiring an additional 1,292 shares during the last quarter. Rialto Wealth Management LLC bought a new position in shares of NBT Bancorp during the 4th quarter worth about $87,000. US Bancorp DE lifted its position in NBT Bancorp by 42.0% in the 4th quarter. US Bancorp DE now owns 1,836 shares of the bank's stock valued at $88,000 after acquiring an additional 543 shares in the last quarter. Crews Bank & Trust bought a new position in NBT Bancorp in the 4th quarter valued at about $98,000. Finally, KBC Group NV lifted its position in NBT Bancorp by 47.5% in the 4th quarter. KBC Group NV now owns 2,152 shares of the bank's stock valued at $103,000 after acquiring an additional 693 shares in the last quarter. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Heidi M. Hoeller acquired 2,553 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were acquired at an average price of $43.21 per share, with a total value of $110,315.13. Following the acquisition, the director now owns 8,990 shares of the company's stock, valued at approximately $388,457.90. This trade represents a 39.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the sale, the director now directly owns 116,027 shares in the company, valued at $4,875,454.54. This trade represents a 6.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 5,491 shares of company stock valued at $235,674. Corporate insiders own 3.03% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NBTB. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Hovde Group initiated coverage on shares of NBT Bancorp in a research note on Friday, March 21st. They set a "market perform" rating and a $50.00 price target for the company. Finally, DA Davidson decreased their price target on shares of NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $52.75.

NBT Bancorp Stock Performance

NBT Bancorp stock traded down $0.48 during mid-day trading on Wednesday, reaching $41.11. The company's stock had a trading volume of 190,677 shares, compared to its average volume of 239,263. NBT Bancorp Inc. has a 12-month low of $34.47 and a 12-month high of $52.44. The company has a market capitalization of $1.94 billion, a P/E ratio of 13.89 and a beta of 0.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.87 and a current ratio of 0.87. The firm's fifty day moving average price is $41.69 and its two-hundred day moving average price is $45.49.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.04. The company had revenue of $155.31 million for the quarter, compared to analyst estimates of $151.00 million. NBT Bancorp had a return on equity of 9.39% and a net margin of 17.84%. During the same period in the previous year, the company posted $0.68 EPS. Sell-side analysts predict that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.36 dividend on an annualized basis and a yield of 3.31%. NBT Bancorp's dividend payout ratio (DPR) is 45.03%.

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.