Tudor Investment Corp ET AL Purchases Shares of 117,013 NBT Bancorp Inc. $NBTB

Key Points

• Tudor Investment Corp purchased a new stake of 117,013 shares of NBT Bancorp (NASDAQ:NBTB) in Q3, valued at about $4.89 million and representing roughly 0.22% ownership at quarter-end.
• Institutional investors own 58.46% of NBTB; notable moves include Millennium Management boosting its position by 564.1% to 248,050 shares and State Street holding ~2.53 million shares (~$105.2M).
• NBTB fundamentals: market cap ~$2.35B, PE ~13.6, recent quarterly EPS of $1.05 beat estimates, and a quarterly dividend of $0.37 (annualized yield ~3.3%, DPR ~44.85%).

Tudor Investment Corp ET AL purchased a new stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 117,013 shares of the bank's stock, valued at approximately $4,886,000. Tudor Investment Corp ET AL owned 0.22% of NBT Bancorp at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in NBTB. Millennium Management LLC increased its stake in shares of NBT Bancorp by 564.1% in the third quarter. Millennium Management LLC now owns 248,050 shares of the bank's stock valued at $10,359,000 after purchasing an additional 210,699 shares during the period. State Street Corp increased its stake in shares of NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank's stock valued at $105,177,000 after purchasing an additional 182,793 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of NBT Bancorp by 63.2% in the second quarter. The Manufacturers Life Insurance Company now owns 451,047 shares of the bank's stock valued at $18,741,000 after purchasing an additional 174,639 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of NBT Bancorp in the second quarter valued at approximately $3,611,000. Finally, Jane Street Group LLC increased its stake in shares of 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. Institutional investors and hedge funds own 58.46% of the company's stock.

NBT Bancorp Price Performance

NASDAQ NBTB opened at $44.98 on Thursday. NBT Bancorp Inc. has a 12 month low of $37.61 and a 12 month high of $46.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $2.35 billion, a PE ratio of 13.63 and a beta of 0.47. The company's 50 day simple moving average is $43.52 and its 200 day simple moving average is $42.52.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings data on Monday, January 26th. The bank reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.06. NBT Bancorp had a net margin of 18.67% and a return on equity of 10.86%. The business had revenue of $185.14 million for the quarter, compared to analyst estimates of $183.63 million. As a group, equities research analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, March 2nd. NBT Bancorp's dividend payout ratio (DPR) is currently 44.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Janney Montgomery Scott lowered shares of NBT Bancorp from a "buy" rating to a "neutral" rating in a research note on Monday, February 23rd. Piper Sandler assumed coverage on shares of NBT Bancorp in a research note on Monday, March 16th. They issued an "overweight" rating and a $50.00 price target on the stock. Brean Capital lowered shares of NBT Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. Weiss Ratings upgraded shares of NBT Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Finally, DA Davidson began coverage on shares of NBT Bancorp in a research note on Wednesday, February 25th. They set a "buy" rating and a $54.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, NBT Bancorp presently has an average rating of "Moderate Buy" and an average target price of $52.00.

Insider Buying and Selling

In related news, Director Timothy E. Delaney acquired 22,730 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were acquired at an average price of $42.97 per share, for a total transaction of $976,708.10. Following the completion of the purchase, the director directly owned 74,615 shares of the company's stock, valued at $3,206,206.55. The trade was a 43.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Amy Wiles sold 4,435 shares of NBT Bancorp stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $45.72, for a total transaction of $202,768.20. Following the completion of the transaction, the executive vice president owned 21,500 shares in the company, valued at approximately $982,980. This trade represents a 17.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.03% of the stock is owned by company insiders.

About NBT Bancorp

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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