NBT Bancorp Inc. $NBTB Holdings Raised by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its NBT Bancorp stake by 29.7% in the first quarter, adding 128,316 shares to own 560,259 shares worth approximately $23.9 million. Institutional investors collectively own 58.46% of the company.
• NBT Bancorp raised its quarterly dividend to $0.40 per share, or $1.60 annually, representing an approximately 3.0% yield and a 36.19% payout ratio.
• Analyst views remain mixed, with a consensus “Hold” rating and a $54.12 target price. The bank narrowly missed quarterly earnings and revenue expectations, while insiders sold 20,600 shares worth about $1.06 million over the past 90 days.

The Manufacturers Life Insurance Company lifted its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 29.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 560,259 shares of the bank's stock after acquiring an additional 128,316 shares during the period. The Manufacturers Life Insurance Company owned about 1.08% of NBT Bancorp worth $23,856,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in NBTB. Private Advisor Group LLC boosted its holdings in NBT Bancorp by 4.2% in the first quarter. Private Advisor Group LLC now owns 5,809 shares of the bank's stock worth $247,000 after purchasing an additional 233 shares during the period. Ascent Wealth Partners LLC raised its holdings in shares of NBT Bancorp by 6.1% during the first quarter. Ascent Wealth Partners LLC now owns 5,353 shares of the bank's stock worth $228,000 after purchasing an additional 309 shares during the period. Inspire Investing LLC raised its holdings in shares of NBT Bancorp by 2.9% during the fourth quarter. Inspire Investing LLC now owns 11,257 shares of the bank's stock worth $467,000 after purchasing an additional 315 shares during the period. Bessemer Group Inc. lifted its position in shares of NBT Bancorp by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 832 shares of the bank's stock worth $35,000 after buying an additional 324 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of NBT Bancorp by 1.4% in the 4th quarter. State of Alaska Department of Revenue now owns 28,929 shares of the bank's stock worth $1,200,000 after buying an additional 397 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors.

Key Stories Impacting NBT Bancorp

Here are the key news stories impacting NBT Bancorp this week:

• Positive Sentiment: NBT Bancorp raised its quarterly dividend to $0.40 per share from $0.37, equating to an annualized payout of $1.60 and an approximately 3.0% yield. The increase reinforces the stock’s appeal to income-oriented investors. NBT Bancorp Hits New 12-Month High After Dividend Announcement
• Positive Sentiment: Analyst sentiment was mixed but included bullish target increases: DA Davidson raised its price objective to $59 and retained a “buy” rating, while Piper Sandler previously lifted its target to $56 with an “overweight” rating. Analysts Have Conflicting Sentiments on NBT Bancorp
• Neutral Sentiment: Institutional ownership changes were mixed. Bank of New York Mellon reduced its stake by 2.2%, while Fifth Third Bancorp substantially increased its holding from a very small base. Because the filings reflect earlier-quarter activity, they provide limited insight into current trading conviction. Bank of New York Mellon Holdings
• Negative Sentiment: Stephens downgraded NBTB from “overweight” to “equal weight.” Although it increased its target to $55 from $52, the rating change suggests the analyst sees limited additional upside after the stock’s recent advance.
• Negative Sentiment: EVPs Sarah Halliday and Ruth Mahoney sold a combined 13,500 shares for approximately $730,710. The transactions reduced their individual holdings by roughly 29% and 27%, respectively, potentially weighing on sentiment even though the sales may reflect personal financial planning. Sarah Halliday SEC Filing Ruth Mahoney SEC Filing
• Negative Sentiment: The bank’s latest quarterly results narrowly missed expectations, with earnings of $1.01 per share versus $1.02 expected and revenue of $186.69 million versus $188.81 million forecast. The modest miss, combined with a consensus “hold” rating and an average target near the current price, supports the view that NBTB may be fully valued. NBT Bancorp Looks Fully Valued

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NBTB shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Hovde Group cut their target price on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating on the stock in a report on Monday, April 27th. Stephens downgraded NBT Bancorp from an "overweight" rating to an "equal weight" rating and lifted their target price for the company from $52.00 to $55.00 in a research note on Thursday. Piper Sandler upped their target price on NBT Bancorp from $50.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Finally, DA Davidson upped their target price on NBT Bancorp from $52.00 to $59.00 and gave the company a "buy" rating in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $54.12.

Insider Buying and Selling at NBT Bancorp

In other news, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $48.03, for a total transaction of $100,863.00. Following the sale, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 20,600 shares of company stock worth $1,064,573. 2.99% of the stock is owned by company insiders.

NBT Bancorp Stock Performance

Shares of NBTB opened at $52.65 on Friday. NBT Bancorp Inc. has a 1 year low of $39.19 and a 1 year high of $54.50. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 12.87 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a fifty day moving average of $49.14 and a 200-day moving average of $45.77.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%. As a group, equities analysts anticipate that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.40 dividend. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 1st. This represents a $1.60 annualized dividend and a yield of 3.0%. NBT Bancorp's payout ratio is currently 36.19%.

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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