Raymond James Financial Inc. Buys 18,035 Shares of NBT Bancorp Inc. $NBTB

Key Points

• Raymond James Financial Inc. increased its stake in NBT Bancorp by 3.6%, owning a total of 513,243 shares worth approximately $22 million at the end of the quarter.
• NBT Bancorp announced a quarterly dividend increase to $0.37 per share, yielding 3.3%, which marks a rise from the previous dividend of $0.34.
• Analysts have given mixed ratings on NBT Bancorp, with a consensus of "Hold" and an average price target of $52.00, indicating cautious optimism about the stock's performance.

Raymond James Financial Inc. lifted its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 3.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 513,243 shares of the bank's stock after buying an additional 18,035 shares during the period. Raymond James Financial Inc. owned about 1.09% of NBT Bancorp worth $22,018,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Stone House Investment Management LLC acquired a new position in shares of NBT Bancorp during the 1st quarter worth about $88,000. Public Sector Pension Investment Board boosted its stake in shares of NBT Bancorp by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 149,594 shares of the bank's stock worth $6,418,000 after buying an additional 32,105 shares during the last quarter. Nuveen LLC acquired a new position in shares of NBT Bancorp during the 1st quarter worth about $5,159,000. Entropy Technologies LP acquired a new position in shares of NBT Bancorp during the 1st quarter worth about $309,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of NBT Bancorp by 1.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,218 shares of the bank's stock worth $1,425,000 after buying an additional 496 shares during the last quarter. 58.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

NBT Bancorp Stock Performance

Shares of NBTB stock traded down $0.49 on Monday, reaching $44.27. The stock had a trading volume of 147,015 shares, compared to its average volume of 175,582. 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 firm's 50-day moving average is $42.61 and its two-hundred day moving average is $42.70. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 15.98 and a beta of 0.60. NBT Bancorp Inc. has a 12 month low of $37.31 and a 12 month high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its 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. The company had revenue of $171.15 million for 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, research analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The business also recently declared 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 represents a $1.48 annualized dividend and a yield of 3.3%. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's payout ratio is currently 53.43%.

Insiders Place Their Bets

In other NBT Bancorp 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 value of $851,162.26. Following the transaction, the director directly owned 82,910 shares of the company's stock, valued at $3,599,952.20. This represents a 19.12% decrease in their position. 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 currently owned by corporate insiders.

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.