Rhumbline Advisers Lowers Stock Position in NBT Bancorp Inc. $NBTB

Key Points

• Rhumbline Advisers reduced its stake in NBT Bancorp Inc. by 4.6%, selling 6,348 shares, resulting in a total holding of 131,524 shares valued at approximately $5.6 million.
• NBT Bancorp announced an increase in its quarterly dividend to $0.37 per share, reflecting a 3.4% yield, payable on September 15th.
• Research analysts have upgraded NBT Bancorp's stock ratings, with DA Davidson raising its target price from $53 to $55, indicating a positive outlook for the company's performance.

Rhumbline Advisers decreased its holdings in shares of NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 131,524 shares of the bank's stock after selling 6,348 shares during the period. Rhumbline Advisers owned approximately 0.28% of NBT Bancorp worth $5,642,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Silvercrest Asset Management Group LLC acquired a new stake in NBT Bancorp in the fourth quarter valued at about $38,978,000. Nuveen LLC acquired a new stake in NBT Bancorp in the first quarter valued at about $5,159,000. Jane Street Group LLC lifted its position in NBT Bancorp by 1,188.4% in the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock valued at $3,787,000 after purchasing an additional 81,432 shares during the period. GAMMA Investing LLC lifted its position in NBT Bancorp by 4,554.4% in the first quarter. GAMMA Investing LLC now owns 60,275 shares of the bank's stock valued at $2,586,000 after purchasing an additional 58,980 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in NBT Bancorp in the first quarter valued at about $2,010,000. Institutional investors and hedge funds own 58.46% of the company's stock.

Wall Street Analyst Weigh In

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

NBT Bancorp Price Performance

Shares of NBT Bancorp stock traded up $1.10 during trading on Thursday, hitting $43.87. 61,850 shares of the company were exchanged, compared to its average volume of 232,193. 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 Inc. has a fifty-two week low of $37.31 and a fifty-two week high of $52.44. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 15.84 and a beta of 0.60. The firm has a 50 day moving average price of $42.89 and a 200 day moving average price of $42.41.

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 (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%.The firm had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. On average, equities analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, August 29th. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio is presently 53.43%.

Insider Buying and Selling

In other NBT Bancorp news, Director David J. Nasca sold 19,603 shares of NBT Bancorp stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the sale, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.03% of the company's stock.

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.