NBT Bancorp Inc. $NBTB Holdings Decreased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. decreased its stake in NBT Bancorp Inc. by 2.1%, now holding 583,037 shares valued at approximately $25 million.
• NBT Bancorp announced a dividend increase to $0.37 per share, with the dividend yield now at 3.5%, showing a commitment to returning value to shareholders.
• The stock received upgrades from analysts, including a buy rating and target price increases, reflecting positive sentiment in the market.

Charles Schwab Investment Management Inc. reduced its holdings in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 583,037 shares of the bank's stock after selling 12,312 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.23% of NBT Bancorp worth $25,012,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in NBT Bancorp by 2.7% in 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. SG Americas Securities LLC acquired a new stake in NBT Bancorp in the 1st quarter valued at approximately $884,000. Deutsche Bank AG increased its position in NBT Bancorp by 53.1% in the 4th quarter. Deutsche Bank AG now owns 39,645 shares of the bank's stock valued at $1,893,000 after acquiring an additional 13,742 shares during the period. GAMMA Investing LLC increased its position in NBT Bancorp by 4,554.4% in the 1st quarter. GAMMA Investing LLC now owns 60,275 shares of the bank's stock valued at $2,586,000 after acquiring an additional 58,980 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in NBT Bancorp in the 1st quarter valued at approximately $278,000. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director David J. Nasca sold 19,603 shares of NBT Bancorp stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction of $851,162.26. Following the transaction, the director owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the transaction, the director owned 116,027 shares in the company, valued at $4,875,454.54. This represents a 6.35% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.03% of the company's stock.

NBT Bancorp Price Performance

Shares of NASDAQ NBTB traded up $0.49 during mid-day trading on Tuesday, reaching $44.89. The company had a trading volume of 150,598 shares, compared to its average volume of 213,924. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. The stock has a market cap of $2.35 billion, a PE ratio of 16.21 and a beta of 0.59. The company has a 50-day moving average price of $42.33 and a two-hundred day moving average price of $42.81. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44.

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

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 29th. NBT Bancorp's payout ratio is 49.10%.

Analysts Set New Price Targets

Several research firms recently commented on NBTB. Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. DA Davidson lifted their price target on NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Piper Sandler upgraded NBT Bancorp to a "neutral" rating and set a $47.00 price target on the stock in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, NBT Bancorp has an average rating of "Hold" and a consensus price target of $52.00.

About NBT Bancorp

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.