NBT Bancorp Inc. $NBTB Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in NBT Bancorp Inc. by 27.3%, owning approximately 0.32% of the company's stock, valued at $6,418,000.
• NBT Bancorp announced a quarterly dividend of $0.37, up from $0.34, reflecting an annualized yield of 3.5% and a payout ratio of 53.43%.
• Analysts have upgraded the stock, with DA Davidson raising their target price from $53.00 to $55.00, while maintaining a "buy" rating on NBT Bancorp shares.

Public Sector Pension Investment Board raised its position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 149,594 shares of the bank's stock after acquiring an additional 32,105 shares during the period. Public Sector Pension Investment Board owned about 0.32% of NBT Bancorp worth $6,418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. TD Private Client Wealth LLC increased 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 acquiring an additional 294 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in NBT Bancorp during the 1st quarter worth approximately $68,000. Sterling Capital Management LLC increased its position in 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 buying an additional 1,292 shares during the period. KBC Group NV increased its position in NBT Bancorp by 28.4% during the first quarter. KBC Group NV now owns 2,763 shares of the bank's stock worth $119,000 after acquiring an additional 611 shares during the period. Finally, US Bancorp DE raised its position in shares of NBT Bancorp by 68.5% in the first quarter. US Bancorp DE now owns 3,093 shares of the bank's stock valued at $133,000 after buying an additional 1,257 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

Insider Buying and Selling at NBT Bancorp

In related news, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the completion of 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 document filed with the SEC, which is accessible through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the sale, the director directly owned 116,027 shares of the company's stock, valued at $4,875,454.54. This trade represents a 6.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.03% of the stock is currently owned by insiders.

NBT Bancorp Stock Performance

Shares of NASDAQ:NBTB traded down $0.0250 during midday trading on Wednesday, reaching $42.2150. The company's stock had a trading volume of 62,365 shares, compared to its average volume of 241,823. NBT Bancorp Inc. has a twelve month low of $37.31 and a twelve month high of $52.44. The firm has a market capitalization of $2.21 billion, a PE ratio of 15.20 and a beta of 0.59. The stock has a fifty day moving average of $42.04 and a 200 day moving average of $42.96. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. The business had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, equities analysts expect 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 given a $0.37 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's payout ratio is currently 49.10%.

Analysts Set New Price Targets

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