Voya Investment Management LLC Acquires 17,677 Shares of NBT Bancorp Inc. $NBTB

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

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of NBT Bancorp by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 234,849 shares of the bank's stock worth $10,075,000 after buying an additional 6,150 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of NBT Bancorp in the 1st quarter worth about $884,000. Entropy Technologies LP bought a new stake in shares of NBT Bancorp in the 1st quarter worth about $309,000. Deutsche Bank AG increased its holdings in shares of NBT Bancorp by 53.1% in the 4th quarter. Deutsche Bank AG now owns 39,645 shares of the bank's stock worth $1,893,000 after buying an additional 13,742 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in shares of NBT Bancorp in the 1st quarter worth about $278,000. 58.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on NBTB shares. DA Davidson boosted their target price on shares of NBT Bancorp from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price target for the company in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $52.00.

Insider Buying and Selling at NBT Bancorp

In other news, Director David J. Nasca sold 19,603 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the sale, the director owned 82,910 shares in the company, valued at $3,599,952.20. This represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.03% of the stock is owned by insiders.

NBT Bancorp Trading Down 2.1%

NASDAQ NBTB opened at $43.28 on Friday. The company has a fifty day simple moving average of $42.88 and a two-hundred day simple moving average of $42.37. The stock has a market cap of $2.27 billion, a P/E ratio of 15.62 and a beta of 0.60. NBT Bancorp Inc. has a 12-month low of $37.31 and a 12-month high of $52.44. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted 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. The business had revenue of $171.15 million during the quarter, compared to analysts' expectations of $171.04 million. NBT Bancorp had a net margin of 16.10% and a return on equity of 9.81%. On average, analysts forecast that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 1st were paid a $0.37 dividend. The ex-dividend date was Friday, August 29th. This is an increase from NBT Bancorp's previous quarterly dividend of $0.34. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. NBT Bancorp's dividend payout ratio (DPR) is currently 53.43%.

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.

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