Charles Schwab Investment Management Inc. Lowers Stake in NBT Bancorp Inc. $NBTB

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

Other hedge funds have also recently modified their holdings of the company. TD Private Client Wealth LLC raised its position in shares of NBT Bancorp by 51.3% during the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after purchasing an additional 294 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of NBT Bancorp by 817.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock worth $69,000 after purchasing an additional 1,292 shares during the last quarter. Cloud Capital Management LLC acquired a new position in shares of NBT Bancorp during the 1st quarter worth about $68,000. KBC Group NV raised its position in shares of NBT Bancorp by 28.4% during the 1st quarter. KBC Group NV now owns 2,763 shares of the bank's stock worth $119,000 after purchasing an additional 611 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of NBT Bancorp by 68.5% during the 1st quarter. US Bancorp DE now owns 3,093 shares of the bank's stock worth $133,000 after purchasing an additional 1,257 shares during the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Trading Up 5.6%

Shares of NBT Bancorp stock traded up $2.36 during mid-day trading on Friday, hitting $44.88. The stock had a trading volume of 270,769 shares, compared to its average volume of 209,893. The firm has a 50-day moving average of $42.15 and a two-hundred day moving average of $42.87. NBT Bancorp Inc. has a 12-month low of $37.31 and a 12-month high of $52.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.35 billion, a P/E ratio of 16.20 and a beta of 0.59.

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

NBT Bancorp Increases Dividend

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

Analysts Set New Price Targets

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

Insider Activity at NBT Bancorp

In other news, Director David J. Nasca sold 19,603 shares of the 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 owned 82,910 shares of the company's stock, valued at $3,599,952.20. This represents a 19.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John H. Watt, Jr. sold 7,869 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total transaction of $330,655.38. Following the completion of the sale, the director directly owned 116,027 shares of the company's stock, valued at approximately $4,875,454.54. This trade represents a 6.35% decrease in their position. The disclosure for this sale can be found here. Corporate 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.