Northern Trust Corp Has $30.80 Million Holdings in NBT Bancorp Inc. $NBTB

Key Points

• Northern Trust Corp reduced its ownership in NBT Bancorp Inc. by 1.2%, now holding approximately 717,919 shares valued at $30.8 million.
• Recently, NBT Bancorp increased its quarterly dividend from $0.34 to $0.37, marking an annual yield of 3.3% for shareholders.
• Analysts have provided mixed ratings for NBT Bancorp, with price targets ranging from $47.00 to $55.00, indicating a generally positive outlook on the stock.

Northern Trust Corp cut its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 717,919 shares of the bank's stock after selling 8,494 shares during the quarter. Northern Trust Corp owned about 1.52% of NBT Bancorp worth $30,799,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Private Client Wealth LLC lifted its stake in shares of NBT Bancorp by 51.3% in the 1st quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock valued at $37,000 after purchasing an additional 294 shares in the last quarter. Cloud Capital Management LLC acquired a new position in shares of NBT Bancorp during the 1st quarter worth $68,000. Stone House Investment Management LLC bought a new position in NBT Bancorp in the 1st quarter worth approximately $88,000. KBC Group NV boosted its stake in NBT Bancorp by 28.4% in the 1st quarter. KBC Group NV now owns 2,763 shares of the bank's stock valued at $119,000 after buying an additional 611 shares in the last quarter. Finally, US Bancorp DE boosted its stake in NBT Bancorp by 68.5% in the first quarter. US Bancorp DE now owns 3,093 shares of the bank's stock worth $133,000 after purchasing an additional 1,257 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

Insider Buying and Selling at NBT Bancorp

In related news, Director David J. Nasca sold 19,603 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the sale, the director owned 82,910 shares in the company, valued at $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.03% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

NBT Bancorp Trading Down 1.0%

NBTB traded down $0.44 during trading on Friday, hitting $44.14. 35,602 shares of the stock were exchanged, compared to its average volume of 236,600. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The firm has a 50 day simple moving average of $42.86 and a 200 day simple moving average of $42.66. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 15.90 and a beta of 0.60.

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

NBT Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.48 annualized dividend and a dividend yield of 3.4%. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio is presently 53.43%.

NBT Bancorp Company 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.