Nuveen LLC Makes New Investment in NBT Bancorp Inc. $NBTB

Key Points

• Nuveen LLC has acquired a new stake in NBT Bancorp Inc., purchasing 120,266 shares valued at approximately $5.16 million, which constitutes about 0.25% of the company's total shares.
• NBT Bancorp reported earnings of $0.88 per share for the last quarter, exceeding estimates, along with a recent increase in its quarterly dividend to $0.37 per share, reflecting a yield of 3.3%.
• Institutional investors collectively own 58.46% of NBT Bancorp, indicating significant interest from larger investment groups in the bank's stock.

Nuveen LLC purchased a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 120,266 shares of the bank's stock, valued at approximately $5,159,000. Nuveen LLC owned about 0.25% of NBT Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its position in NBT Bancorp by 51.3% in the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after acquiring an additional 294 shares during the period. Cloud Capital Management LLC bought a new position in shares of NBT Bancorp during the 1st quarter valued at approximately $68,000. KBC Group NV increased its stake 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. US Bancorp DE raised its holdings in shares of NBT Bancorp by 68.5% in 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 period. Finally, Captrust Financial Advisors bought a new stake in shares of NBT Bancorp in the 4th quarter worth approximately $264,000. Hedge funds and other institutional investors own 58.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NBTB shares. Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. DA Davidson increased their price target on NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Piper Sandler raised 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 company. Based on data from MarketBeat.com, NBT Bancorp currently has a consensus rating of "Hold" and an average target price of $52.00.

Insider Buying and Selling

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of the firm's stock in a transaction 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 transaction, the director directly owned 82,910 shares of the company's stock, valued at $3,599,952.20. This trade represents a 19.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.03% of the stock is currently owned by insiders.

NBT Bancorp Price Performance

NBTB traded down $0.49 during trading on Monday, reaching $44.27. 147,015 shares of the company were exchanged, compared to its average volume of 175,582. NBT Bancorp Inc. has a 12-month low of $37.31 and a 12-month high of $52.44. The company's 50-day moving average is $42.69 and its two-hundred day moving average is $42.67. 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 company has a market cap of $2.32 billion, a price-to-earnings ratio of 15.98 and a beta of 0.60.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced 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 return on equity of 9.81% and a net margin of 16.10%.The firm had revenue of $171.15 million for the quarter, compared to analysts' expectations of $171.04 million. Research analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be paid a $0.37 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.48 annualized dividend and a yield of 3.3%. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio is currently 53.43%.

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.