Rhumbline Advisers Sells 6,348 Shares of NBT Bancorp Inc. (NASDAQ:NBTB)

Rhumbline Advisers decreased its position in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 4.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,524 shares of the bank's stock after selling 6,348 shares during the period. Rhumbline Advisers owned 0.28% of NBT Bancorp worth $5,642,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NBTB. Leigh Baldwin & CO. LLC acquired a new stake in shares of NBT Bancorp in the fourth quarter worth $52,606,000. Silvercrest Asset Management Group LLC acquired a new stake in shares of NBT Bancorp in the fourth quarter valued at about $38,978,000. Raymond James Financial Inc. bought a new position in shares of NBT Bancorp in the fourth quarter worth about $23,651,000. JPMorgan Chase & Co. lifted its position in shares of NBT Bancorp by 307.0% during the 4th quarter. JPMorgan Chase & Co. now owns 376,849 shares of the bank's stock worth $17,998,000 after purchasing 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 worth approximately $6,736,000. Hedge funds and other institutional investors own 58.46% of the company's stock.

Insider Activity

In other NBT Bancorp news, Director John H. Watt, Jr. sold 7,869 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total transaction of $330,655.38. Following the transaction, the director now owns 116,027 shares of the company's stock, valued at $4,875,454.54. The trade was a 6.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi M. Hoeller purchased 2,553 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was acquired at an average price of $43.21 per share, for a total transaction of $110,315.13. Following the purchase, the director now owns 8,990 shares in the company, valued at $388,457.90. This trade represents a 39.66% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 5,491 shares of company stock valued at $235,674. 3.03% of the stock is owned by insiders.

Analysts Set New Price Targets

NBTB has been the topic of several research reports. Hovde Group began coverage on shares of NBT Bancorp in a report on Friday, March 21st. They set a "market perform" rating and a $50.00 price objective on the stock. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, DA Davidson decreased their price objective on NBT Bancorp from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, NBT Bancorp currently has a consensus rating of "Hold" and an average target price of $52.75.

NBT Bancorp Stock Down 2.9%

Shares of NBTB traded down $1.22 during midday trading on Friday, hitting $40.76. The stock had a trading volume of 187,455 shares, compared to its average volume of 239,264. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 13.77 and a beta of 0.58. The company has a 50 day simple moving average of $41.81 and a two-hundred day simple moving average of $45.18. NBT Bancorp Inc. has a twelve month low of $35.20 and a twelve month high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.04. NBT Bancorp had a net margin of 17.84% and a return on equity of 9.39%. The company had revenue of $155.31 million during the quarter, compared to analysts' expectations of $151.00 million. During the same period last year, the business earned $0.68 EPS. On average, analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, June 2nd. NBT Bancorp's dividend payout ratio (DPR) is 45.03%.

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.