NBT Bancorp Inc. $NBTB Holdings Decreased by PL Capital Advisors LLC

Key Points

• PL Capital Advisors cut its NBT Bancorp stake by 64.9% in the second quarter, selling 135,000 shares and retaining 73,030 shares worth approximately $3.6 million. Institutional investors collectively own 58.46% of the company.
• NBT Bancorp’s latest quarterly results slightly missed expectations, with earnings of $1.01 per share versus $1.02 expected and revenue of $186.69 million versus $188.81 million estimated. Shares opened at $51.55, near the analyst consensus price target of $54.10.
• The company raised its quarterly dividend to $0.40 per share from $0.37, implying a $1.60 annualized payout and a 3.1% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating despite several Buy recommendations.

PL Capital Advisors LLC trimmed its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 64.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,030 shares of the bank's stock after selling 135,000 shares during the period. NBT Bancorp makes up about 1.0% of PL Capital Advisors LLC's holdings, making the stock its 15th biggest position. PL Capital Advisors LLC owned approximately 0.14% of NBT Bancorp worth $3,605,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in NBT Bancorp by 1,645.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after acquiring an additional 609 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of NBT Bancorp in the 2nd quarter valued at about $32,000. Larson Financial Group LLC lifted its position in shares of NBT Bancorp by 13,316.7% in the third quarter. Larson Financial Group LLC now owns 805 shares of the bank's stock worth $34,000 after purchasing an additional 799 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of NBT Bancorp by 63.8% in the first quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after purchasing an additional 324 shares in the last quarter. Finally, Western Wealth Management LLC acquired a new stake in shares of NBT Bancorp during the first quarter worth approximately $37,000. 58.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NBT Bancorp

In related news, EVP Ruth H. Mahoney sold 4,500 shares of the company's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.30, for a total value of $244,350.00. Following the completion of the sale, the executive vice president directly owned 11,928 shares in the company, valued at approximately $647,690.40. This represents a 27.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Sarah A. Halliday sold 9,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total transaction of $486,360.00. Following the transaction, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. The trade was a 28.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 20,600 shares of company stock valued at $1,064,573. Insiders own 2.99% of the company's stock.

NBT Bancorp Stock Performance

NASDAQ:NBTB opened at $51.55 on Monday. The company has a market capitalization of $2.68 billion, a P/E ratio of 12.60 and a beta of 0.48. The stock's 50 day moving average price is $51.52 and its 200 day moving average price is $46.95. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. NBT Bancorp Inc. has a 52 week low of $39.19 and a 52 week high of $54.50.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). NBT Bancorp had a net margin of 22.58% and a return on equity of 11.27%. The business had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. On average, research analysts forecast that NBT Bancorp Inc. will post 4.15 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a boost from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's dividend payout ratio (DPR) is presently 36.19%.

Analyst Ratings Changes

Several research analysts have weighed in on NBTB shares. Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Wall Street Zen lowered shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Piper Sandler boosted their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Stephens cut shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $52.00 to $55.00 in a report on Thursday, July 30th. Finally, DA Davidson increased their price objective on NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, NBT Bancorp currently has a consensus rating of "Hold" and a consensus price target of $54.10.

About NBT Bancorp

NBT Bancorp, Inc NASDAQ: NBTB is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.

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