Rhumbline Advisers Sells 6,348 Shares of 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 cut its holdings in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 reporting period.

A number of other large investors have also recently bought and sold shares of the business. Ellsworth Advisors LLC bought a new stake in NBT Bancorp in the first quarter worth $606,000. Mendon Capital Advisors Corp bought a new stake in NBT Bancorp in the first quarter worth $620,000. Jane Street Group LLC boosted its holdings 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 worth $3,787,000 after purchasing an additional 81,432 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in NBT Bancorp by 15.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock worth $7,102,000 after purchasing an additional 22,655 shares in the last quarter. Finally, Great Lakes Advisors LLC boosted its holdings in NBT Bancorp by 4.1% in the first quarter. Great Lakes Advisors LLC now owns 93,637 shares of the bank's stock worth $4,017,000 after purchasing an additional 3,719 shares in the last quarter. 58.46% of the stock is currently owned by institutional investors.

Insider Activity at NBT Bancorp

In other news, Director David J. Nasca sold 19,603 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.03% of the company's stock.

NBT Bancorp Stock Down 0.8%

Shares of NBTB opened at $43.28 on Friday. The company has a 50-day simple moving average of $42.94 and a 200-day simple moving average of $42.50. The firm has a market capitalization of $2.27 billion, a P/E ratio of 15.62 and a beta of 0.60. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current 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 announced its quarterly earnings data 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 analyst estimates of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, equities research analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The business 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. This is an increase 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 3.4%. The ex-dividend date of this dividend is Friday, August 29th. NBT Bancorp's dividend payout ratio (DPR) is currently 53.43%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NBTB shares. DA Davidson boosted their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, 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. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.

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