The Manufacturers Life Insurance Company Purchases New Position in NBT Bancorp Inc. $NBTB

Key Points

• The Manufacturers Life Insurance Company acquired 559,697 NBT Bancorp shares worth approximately $27.6 million, giving it a 1.08% stake. Institutional investors collectively own 58.46% of the bank.
• NBT Bancorp reported quarterly EPS of $1.01, slightly below the $1.02 consensus estimate, while revenue of $186.69 million also fell short of expectations. Analysts maintain a consensus “Hold” rating with an average price target of $54.10.
• The company raised its quarterly dividend to $0.40 per share from $0.37, implying a $1.60 annualized dividend and a 3.1% yield. Shares recently traded at $51.43, near the middle of their 52-week range.

The Manufacturers Life Insurance Company acquired a new position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 559,697 shares of the bank's stock, valued at approximately $27,632,000. The Manufacturers Life Insurance Company owned 1.08% of NBT Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in NBT Bancorp by 22.3% in the first quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock worth $1,729,000 after acquiring an additional 7,349 shares during the period. AQR Capital Management LLC lifted its position in shares of NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank's stock worth $585,000 after purchasing an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of NBT Bancorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank's stock worth $1,175,000 after purchasing an additional 1,197 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock valued at $7,102,000 after purchasing an additional 22,655 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of NBT Bancorp by 1,188.4% during the first quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock valued at $3,787,000 after buying an additional 81,432 shares during the period. 58.46% of the stock is owned by hedge funds and other institutional investors.

NBT Bancorp Stock Performance

Shares of NBTB stock opened at $51.43 on Friday. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 12.57 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. NBT Bancorp Inc. has a one year low of $39.19 and a one year high of $54.50. The company's 50-day moving average is $51.43 and its 200 day moving average is $46.91.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The firm had revenue of $186.69 million during the quarter, compared to analysts' expectations of $188.81 million. Sell-side analysts expect that NBT Bancorp Inc. will post 4.15 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.40 dividend. This is a boost from NBT Bancorp's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.60 annualized dividend and a yield of 3.1%. NBT Bancorp's payout ratio is currently 36.19%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NBTB shares. Keefe, Bruyette & Woods reiterated a "hold" rating and set a $54.00 target price (up from $52.00) on shares of NBT Bancorp in a report on Monday, August 3rd. Stephens cut NBT Bancorp from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $52.00 to $55.00 in a research note on Thursday, July 30th. Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Finally, Piper Sandler boosted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, NBT Bancorp currently has a consensus rating of "Hold" and an average price target of $54.10.

Insider Activity at NBT Bancorp

In other news, EVP Ruth H. Mahoney sold 5,000 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $46.60, for a total transaction of $233,000.00. Following the transaction, the executive vice president directly owned 16,428 shares of the company's stock, valued at $765,544.80. This represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sarah A. Halliday sold 9,000 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $54.04, for a total value of $486,360.00. Following the sale, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. This trade represents a 28.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 20,600 shares of company stock valued at $1,064,573. 2.99% of the stock is owned by corporate insiders.

NBT Bancorp Profile

NBT Bancorp, Inc NASDAQ: NBTB is the bank holding company for NBT Bank, N.A., a full-service commercial bank that serves both individual and corporate clients across the Northeastern United States. Through its branch network and digital channels, the company offers a comprehensive range of commercial banking services, including business lending, treasury management, cash management and specialized industry financing. Its consumer banking platform provides checking and savings accounts, certificates of deposit, home mortgages, home equity lines of credit and other lending solutions tailored to meet personal and household financial needs.

In addition to traditional banking, NBT Bancorp delivers wealth management and fiduciary services through its trust division, offering investment advisory, trust administration, retirement planning and estate settlement.

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