Vanguard Group Inc. Decreases Holdings in NBT Bancorp Inc. $NBTB

Key Points

• Vanguard Group Inc. reduced its holdings in NBT Bancorp by 0.9%, selling 52,083 shares, and now owns approximately 11.68% of the company valued at $236.7 million.
• Analysts have given mixed ratings for NBT Bancorp, with a consensus rating of "Hold" and price targets between $47.00 and $55.00.
• NBT Bancorp has announced an increase in its quarterly dividend to $0.37, which will be paid to shareholders on September 15th, representing a dividend yield of 3.5%.

Vanguard Group Inc. cut its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,518,281 shares of the bank's stock after selling 52,083 shares during the period. Vanguard Group Inc. owned 11.68% of NBT Bancorp worth $236,734,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. IFG Advisory LLC raised its position in shares of NBT Bancorp by 29.1% in the 1st quarter. IFG Advisory LLC now owns 17,023 shares of the bank's stock worth $730,000 after acquiring an additional 3,839 shares in the last quarter. US Bancorp DE grew its stake in NBT Bancorp by 68.5% in the first quarter. US Bancorp DE now owns 3,093 shares of the bank's stock worth $133,000 after purchasing an additional 1,257 shares during the period. Picton Mahoney Asset Management purchased a new stake in NBT Bancorp in the first quarter worth $278,000. LPL Financial LLC raised its holdings in NBT Bancorp by 3.9% in the first quarter. LPL Financial LLC now owns 33,294 shares of the bank's stock worth $1,428,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NBT Bancorp by 36.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,267 shares of the bank's stock valued at $655,000 after buying an additional 4,101 shares during the period. Hedge funds and other institutional investors own 58.46% of the company's stock.

NBT Bancorp Stock Up 5.6%

Shares of NASDAQ NBTB traded up $2.36 during midday trading on Friday, hitting $44.88. The stock had a trading volume of 270,769 shares, compared to its average volume of 209,893. The business's 50 day moving average is $42.15 and its 200-day moving average is $42.87. The company has a market cap of $2.35 billion, a P/E ratio of 16.20 and a beta of 0.59. NBT Bancorp Inc. has a 52 week low of $37.31 and a 52 week high of $52.44. 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 (NASDAQ:NBTB - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. The company had revenue of $171.15 million during the quarter, compared to the consensus estimate of $171.04 million. As a group, analysts predict that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be paid a $0.37 dividend. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, August 29th. NBT Bancorp's dividend payout ratio (DPR) is presently 49.10%.

Insiders Place Their Bets

In related news, Director John H. Watt, Jr. sold 7,869 shares of the stock in a transaction 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 sale, the director directly owned 116,027 shares of the company's stock, valued at $4,875,454.54. This trade represents a 6.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David J. Nasca sold 19,603 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total value of $851,162.26. Following the completion of the transaction, the director directly owned 82,910 shares of the company's stock, valued at approximately $3,599,952.20. This trade represents a 19.12% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.03% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wall Street Zen upgraded shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. DA Davidson lifted their price target 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. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, NBT Bancorp presently has a consensus rating of "Hold" and an average target price of $52.00.

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.