NBT Bancorp Inc. $NBTB Shares Purchased by First Trust Advisors LP

Key Points

• First Trust Advisors increased its NBT Bancorp stake by 44.3% in the first quarter, bringing its holdings to 112,671 shares worth approximately $4.8 million. Institutional investors collectively own 58.46% of the company.
• NBT Bancorp shares opened at $53.78, near their 52-week high of $54.50. Analysts maintain a consensus “Hold” rating with a $54.10 price target, while the company narrowly missed quarterly earnings and revenue expectations.
• The bank raised its quarterly dividend to $0.40 per share, representing a 3.0% annualized yield. Meanwhile, insiders sold 20,600 shares worth about $1.06 million over the past 90 days.

First Trust Advisors LP grew its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 44.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,671 shares of the bank's stock after acquiring an additional 34,615 shares during the quarter. First Trust Advisors LP owned about 0.22% of NBT Bancorp worth $4,798,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of NBT Bancorp by 1,645.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 646 shares of the bank's stock valued at $27,000 after purchasing an additional 609 shares in the last quarter. Larson Financial Group LLC increased its position in NBT Bancorp by 13,316.7% during the 3rd 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. increased its position in NBT Bancorp by 63.8% during the 1st 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. Global Retirement Partners LLC raised its holdings in NBT Bancorp by 62.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,037 shares of the bank's stock valued at $43,000 after buying an additional 399 shares during the period. Finally, Quadrant Capital Group LLC purchased a new position in NBT Bancorp in the fourth quarter valued at approximately $64,000. 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 recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of NBT Bancorp in a research report on Tuesday, July 21st. Stephens lowered shares of 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 report on Thursday, July 30th. Hovde Group decreased 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. Keefe, Bruyette & Woods reiterated a "hold" rating and issued a $54.00 price target (up from $52.00) on shares of NBT Bancorp in a report on Monday. Finally, DA Davidson raised their price objective on NBT Bancorp from $52.00 to $59.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $54.10.

NBT Bancorp Trading Up 1.6%

NBTB opened at $53.78 on Wednesday. The firm's 50 day moving average is $49.42 and its 200-day moving average is $45.95. NBT Bancorp Inc. has a 52-week low of $39.19 and a 52-week high of $54.50. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.80 billion, a P/E ratio of 13.15 and a beta of 0.48.

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

NBT Bancorp Increases Dividend

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

Insider Transactions at NBT Bancorp

In other NBT Bancorp news, EVP Ruth H. Mahoney sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.30, for a total transaction of $244,350.00. Following the completion of the sale, the executive vice president owned 11,928 shares in the company, valued at $647,690.40. This trade represents a 27.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the sale, the executive vice president owned 22,054 shares in the company, valued at $1,191,798.16. This represents a 28.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is currently owned by insiders.

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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