Public Sector Pension Investment Board Grows Stake in NBT Bancorp Inc. $NBTB

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 increased its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 27.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 149,594 shares of the bank's stock after purchasing an additional 32,105 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.32% of NBT Bancorp worth $6,418,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC raised its holdings in NBT Bancorp by 51.3% in 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 period. Cloud Capital Management LLC bought a new position in NBT Bancorp in the 1st quarter worth $68,000. Sterling Capital Management LLC raised its holdings in NBT Bancorp by 817.7% in 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 period. KBC Group NV raised its holdings in NBT Bancorp by 28.4% in 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 period. Finally, US Bancorp DE raised its holdings in 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. 58.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on NBTB. Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Piper Sandler upgraded NBT Bancorp to a "neutral" rating and set a $47.00 price target for the company in a research note on Tuesday, July 8th. Finally, 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. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, NBT Bancorp presently has a consensus rating of "Hold" and an average price target of $52.00.

Insider Activity

In related news, Director David J. Nasca sold 19,603 shares of NBT Bancorp stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total value 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. This trade represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the director 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. Company insiders own 3.03% of the company's stock.

NBT Bancorp Price Performance

Shares of NBT Bancorp stock traded up $0.03 during trading on Thursday, reaching $42.52. 146,818 shares of the stock traded hands, compared to its average volume of 208,754. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 15.35 and a beta of 0.59. The business has a fifty day simple moving average of $42.06 and a two-hundred day simple moving average of $42.93. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44.

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 for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. The firm had revenue of $171.15 million during the quarter, compared to analyst estimates of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. Sell-side analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given a dividend of $0.37 per share. The ex-dividend date 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 dividend yield of 3.5%. NBT Bancorp's dividend payout ratio (DPR) is 49.10%.

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.