NBT Bancorp Inc. $NBTB is PL Capital Advisors LLC's 10th Largest Position

Key Points

• PL Capital Advisors reduced its NBT Bancorp stake by 28.5% in the fourth quarter, but the bank stock still remains its 10th largest holding, representing about 2.7% of the portfolio.
• Wall Street sentiment is mixed but generally positive: NBTB has a Moderate Buy consensus rating with an average price target of $49.50, though several firms recently downgraded or trimmed targets.
• NBT Bancorp reported Q1 earnings of $0.97 per share, slightly below expectations, and declared a quarterly dividend of $0.37 per share, implying a 3.2% annualized yield.

PL Capital Advisors LLC cut its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 28.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 208,030 shares of the bank's stock after selling 83,000 shares during the period. NBT Bancorp comprises approximately 2.7% of PL Capital Advisors LLC's portfolio, making the stock its 10th largest position. PL Capital Advisors LLC owned about 0.40% of NBT Bancorp worth $8,637,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NBTB. Royal Bank of Canada grew its position in NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock worth $1,729,000 after acquiring an additional 7,349 shares in the last quarter. AQR Capital Management LLC grew its position in NBT Bancorp by 45.0% in the first quarter. AQR Capital Management LLC now owns 13,630 shares of the bank's stock worth $585,000 after acquiring an additional 4,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in NBT Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank's stock worth $1,175,000 after acquiring an additional 1,197 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in NBT Bancorp by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock worth $7,102,000 after acquiring an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC grew its position in NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock worth $3,787,000 after acquiring an additional 81,432 shares in the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NBTB has been the subject of several research reports. Brean Capital lowered shares of NBT Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. Janney Montgomery Scott lowered shares of NBT Bancorp from a "buy" rating to a "neutral" rating in a research report on Monday, February 23rd. Hovde Group cut their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating for the company in a research report on Monday, April 27th. DA Davidson restated a "buy" rating and set a $52.00 price target on shares of NBT Bancorp in a research report on Monday, April 27th. Finally, Piper Sandler began coverage on shares of NBT Bancorp in a research report on Monday, March 16th. They set an "overweight" rating and a $50.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, NBT Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $49.50.

NBT Bancorp Stock Performance

NASDAQ NBTB opened at $46.09 on Thursday. The company has a 50-day simple moving average of $44.13 and a two-hundred day simple moving average of $43.43. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. NBT Bancorp Inc. has a 12-month low of $39.19 and a 12-month high of $46.92. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 13.13 and a beta of 0.47.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.01). NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. The business had revenue of $184.48 million for the quarter, compared to analysts' expectations of $185.36 million. On average, equities analysts forecast that NBT Bancorp Inc. will post 4.15 EPS for the current year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. NBT Bancorp's dividend payout ratio is 42.17%.

NBT Bancorp Company Profile

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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