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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in NBT Bancorp by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock valued at $10,075,000 after purchasing an additional 6,150 shares during the period. SG Americas Securities LLC bought a new stake in NBT Bancorp during the 1st quarter valued at approximately $884,000. Deutsche Bank AG raised its stake in NBT Bancorp by 53.1% during the 4th quarter. Deutsche Bank AG now owns 39,645 shares of the bank's stock valued at $1,893,000 after purchasing an additional 13,742 shares during the period. GAMMA Investing LLC raised its stake in NBT Bancorp by 4,554.4% during the 1st 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, Picton Mahoney Asset Management bought a new stake in NBT Bancorp in the 1st quarter worth approximately $278,000. Institutional investors own 58.46% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. DA Davidson lifted their price objective on NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Wall Street Zen raised NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Piper Sandler raised NBT Bancorp to a "neutral" rating and set a $47.00 price objective on the stock in a research note on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, NBT Bancorp has a consensus rating of "Hold" and an average target price of $52.00.

NBT Bancorp Price Performance

Shares of NBT Bancorp stock opened at $42.33 on Tuesday. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 15.28 and a beta of 0.59. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50 day moving average price of $42.05 and a 200-day moving average price of $42.96. NBT Bancorp Inc. has a one year low of $37.31 and a one year high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. The firm had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million. NBT Bancorp had a return on equity of 9.81% and a net margin of 16.10%. Equities analysts expect that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a $0.37 dividend. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date is Friday, August 29th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.5%. NBT Bancorp's dividend payout ratio (DPR) is presently 53.43%.

Insider Buying and Selling

In other news, Director David J. Nasca sold 19,603 shares of NBT Bancorp stock in a transaction that occurred on 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 owned 82,910 shares in the company, valued at approximately $3,599,952.20. The trade was a 19.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John H. Watt, Jr. sold 7,869 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the transaction, the director directly owned 116,027 shares in the company, valued at $4,875,454.54. This trade represents a 6.35% decrease in their position. The disclosure for this sale can be found here. 3.03% of the stock is currently owned by insiders.

NBT Bancorp 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.

Want to see what other hedge funds are holding NBTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NBT Bancorp Inc. (NASDAQ:NBTB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.