Picton Mahoney Asset Management Takes Position in NBT Bancorp Inc. (NASDAQ:NBTB)

Key Points

• Picton Mahoney Asset Management has acquired a new position in NBT Bancorp, purchasing 6,483 shares valued at approximately $278,000.
• NBT Bancorp recently increased its quarterly dividend from $0.34 to $0.37 per share, representing a dividend yield of 3.51%.
• Wall Street analysts have mixed ratings for NBT Bancorp, with the average target price set at $51.60, reflecting a mix of "buy", "hold", and "sell" ratings.

Picton Mahoney Asset Management purchased a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,483 shares of the bank's stock, valued at approximately $278,000.

A number of other large investors have also made changes to their positions in NBTB. Leigh Baldwin & CO. LLC acquired a new stake in shares of NBT Bancorp in the 4th quarter worth $52,606,000. Silvercrest Asset Management Group LLC acquired a new stake in NBT Bancorp in the fourth quarter worth about $38,978,000. Raymond James Financial Inc. acquired a new stake in NBT Bancorp in the fourth quarter worth about $23,651,000. JPMorgan Chase & Co. grew its stake in shares of NBT Bancorp by 307.0% during the fourth quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank's stock worth $17,998,000 after acquiring an additional 284,267 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of NBT Bancorp during the fourth quarter valued at about $6,736,000. 58.46% of the stock is owned by institutional investors and hedge funds.

NBT Bancorp Stock Performance

NASDAQ:NBTB traded down $0.82 during mid-day trading on Friday, hitting $40.56. The company's stock had a trading volume of 272,271 shares, compared to its average volume of 248,090. NBT Bancorp Inc. has a 1 year low of $37.31 and a 1 year high of $52.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.86. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 14.64 and a beta of 0.57. The business's fifty day moving average is $42.07 and its two-hundred day moving average is $43.53.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. The company had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. Analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. This represents a $1.48 dividend on an annualized basis and a yield of 3.6%. NBT Bancorp's dividend payout ratio is presently 49.10%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 target price on the stock in a research report on Tuesday, July 8th. DA Davidson boosted their price objective on shares of NBT Bancorp from $53.00 to $55.00 and gave the company a "buy" rating in a report on Thursday. Finally, Wall Street Zen lowered NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $52.00.

Insiders Place Their Bets

In other NBT Bancorp news, Director Heidi M. Hoeller bought 2,588 shares of the stock in a transaction on Tuesday, May 6th. The shares were bought at an average price of $42.88 per share, with a total value of $110,973.44. Following the purchase, the director directly owned 11,578 shares in the company, valued at $496,464.64. This trade represents a 28.79% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John H. Watt, Jr. sold 7,869 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total transaction of $330,655.38. Following the sale, the director directly owned 116,027 shares of the company's stock, valued at approximately $4,875,454.54. This represents a 6.35% decrease in their position. The disclosure for this sale can be found here. 3.03% of the stock is currently owned by insiders.

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.