Millennium Management LLC Has $2.57 Million Stake in NBT Bancorp Inc. (NASDAQ:NBTB)

Millennium Management LLC increased its stake in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 21.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,772 shares of the bank's stock after purchasing an additional 9,526 shares during the quarter. Millennium Management LLC owned 0.11% of NBT Bancorp worth $2,568,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NBTB. Sterling Capital Management LLC raised its position in NBT Bancorp by 817.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock worth $69,000 after acquiring an additional 1,292 shares in the last quarter. Rialto Wealth Management LLC purchased a new position in NBT Bancorp in the fourth quarter worth $87,000. US Bancorp DE raised its position in NBT Bancorp by 42.0% in the fourth quarter. US Bancorp DE now owns 1,836 shares of the bank's stock worth $88,000 after acquiring an additional 543 shares in the last quarter. Crews Bank & Trust purchased a new position in shares of NBT Bancorp in the fourth quarter valued at $98,000. Finally, KBC Group NV increased its position in shares of NBT Bancorp by 47.5% in the fourth quarter. KBC Group NV now owns 2,152 shares of the bank's stock valued at $103,000 after buying an additional 693 shares in the last quarter. 58.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Heidi M. Hoeller acquired 2,553 shares of NBT Bancorp stock in a transaction that occurred on Tuesday, April 29th. The stock was acquired at an average price of $43.21 per share, for a total transaction of $110,315.13. Following the transaction, the director now directly owns 8,990 shares of the company's stock, valued at $388,457.90. This trade represents a 39.66% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John H. Watt, Jr. sold 7,869 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the transaction, the director now owns 116,027 shares of the company's stock, valued at $4,875,454.54. This represents a 6.35% decrease in their position. The disclosure for this sale can be found here. 3.03% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NBTB. Wall Street Zen cut NBT Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Hovde Group started coverage on NBT Bancorp in a research report on Friday, March 21st. They set a "market perform" rating and a $50.00 price objective for the company. Finally, DA Davidson dropped their price objective on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $52.75.

NBT Bancorp Stock Up 1.6%

NBT Bancorp stock traded up $0.65 during midday trading on Tuesday, hitting $41.66. 88,224 shares of the company were exchanged, compared to its average volume of 238,121. The company's fifty day moving average price is $41.77 and its 200-day moving average price is $45.55. The company has a market cap of $1.97 billion, a PE ratio of 14.07 and a beta of 0.58. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. NBT Bancorp Inc. has a fifty-two week low of $34.47 and a fifty-two week high of $52.44.

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

NBT Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.34 per share. The ex-dividend date is Monday, June 2nd. This represents a $1.36 annualized dividend and a yield of 3.26%. NBT Bancorp's dividend payout ratio is presently 45.03%.

About NBT Bancorp

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.