NBT Bancorp Inc. $NBTB Shares Sold by NBT Bank N A NY

Key Points

• NBT Bank N A NY reduced its stake in NBT Bancorp Inc. by 2.6%, owning approximately 0.57% of the company after selling 7,246 shares, valuing its holdings at $11.17 million.
• NBT Bancorp recently announced a quarterly dividend increase to $0.37 per share, reflecting a yield of 3.6%, up from the previous dividend of $0.34.
• Analysts have set a consensus rating of Hold for NBT Bancorp with an average price target of $52, while the stock currently trades around $41.28.

NBT Bank N A NY lowered its position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 268,807 shares of the bank's stock after selling 7,246 shares during the period. NBT Bank N A NY owned about 0.57% of NBT Bancorp worth $11,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in shares of NBT Bancorp by 4.7% during the 1st quarter. Victory Capital Management Inc. now owns 697,879 shares of the bank's stock valued at $29,939,000 after acquiring an additional 31,317 shares during the period. Raymond James Financial Inc. lifted its position in shares of NBT Bancorp by 3.6% during the 1st quarter. Raymond James Financial Inc. now owns 513,243 shares of the bank's stock valued at $22,018,000 after acquiring an additional 18,035 shares during the period. Principal Financial Group Inc. lifted its position in shares of NBT Bancorp by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock valued at $10,075,000 after acquiring an additional 6,150 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock valued at $7,102,000 after acquiring an additional 22,655 shares during the period. Finally, Public Sector Pension Investment Board lifted its position in shares of NBT Bancorp by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 149,594 shares of the bank's stock valued at $6,418,000 after acquiring an additional 32,105 shares during the period. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NBTB. Weiss Ratings reiterated a "hold (c+)" rating on shares of NBT Bancorp in a research report on Saturday, September 27th. Piper Sandler upgraded shares of NBT Bancorp to a "neutral" rating and set a $47.00 price target for the company in a research report on Tuesday, July 8th. DA Davidson lifted their price target on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $52.00.

NBT Bancorp Trading Down 1.1%

Shares of NBT Bancorp stock opened at $41.28 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The company has a market capitalization of $2.16 billion, a P/E ratio of 14.90 and a beta of 0.54. The business has a 50 day moving average price of $42.73 and a 200 day moving average price of $42.24.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. Sell-side analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Friday, August 29th. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio is presently 53.43%.

Insider Buying and Selling

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.03% of the company's stock.

NBT Bancorp Profile

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.

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