NBT Bancorp Inc. $NBTB Shares Bought by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in NBT Bancorp Inc. by 28.3% during Q1, now owning a total of 80,158 shares valued at approximately $3.44 million.
• Analysts have raised target prices on NBT Bancorp shares, with DA Davidson increasing it from $53 to $55 and two other analysts giving the stock a mix of "buy" and "hold" ratings.
• NBT Bancorp recently increased its quarterly dividend from $0.34 to $0.37, reflecting a dividend yield of 3.4% and a payout ratio of 53.43%.

Voya Investment Management LLC grew its stake in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 28.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,158 shares of the bank's stock after acquiring an additional 17,677 shares during the quarter. Voya Investment Management LLC owned about 0.17% of NBT Bancorp worth $3,439,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nuveen LLC bought a new stake in NBT Bancorp during the first quarter valued at about $5,159,000. Jane Street Group LLC lifted 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 last quarter. GAMMA Investing LLC raised its stake in shares of NBT Bancorp by 4,554.4% during the 1st quarter. GAMMA Investing LLC now owns 60,275 shares of the bank's stock worth $2,586,000 after acquiring an additional 58,980 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of NBT Bancorp in the 1st quarter worth $2,010,000. Finally, Public Sector Pension Investment Board raised its position in shares of NBT Bancorp by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 149,594 shares of the bank's stock valued at $6,418,000 after purchasing an additional 32,105 shares during the last quarter. 58.46% of the stock is currently owned by hedge funds and other institutional investors.

NBT Bancorp Stock Up 1.1%

Shares of NBT Bancorp stock traded up $0.47 on Tuesday, reaching $43.30. 15,051 shares of the company were exchanged, compared to its average volume of 234,731. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44. The stock's 50 day moving average price is $42.85 and its 200-day moving average price is $42.33. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $2.27 billion, a P/E ratio of 15.61 and a beta of 0.60.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, equities analysts forecast that NBT Bancorp Inc. will post 3.69 EPS for the current year.

NBT Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.4%. This is a boost from NBT Bancorp's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, August 29th. NBT Bancorp's dividend payout ratio is currently 53.43%.

Insider Activity

In other news, Director David J. Nasca sold 19,603 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.42, for a total transaction 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 represents a 19.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.03% of the company's stock.

Analyst Upgrades and Downgrades

NBTB has been the topic of a number of recent research reports. Wall Street Zen upgraded NBT Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. DA Davidson upped their price target on NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a 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 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average 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.