Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of Stock

Key Points

• Director Heidi Hoeller sold 2,100 shares of NBT Bancorp on June 12 at an average price of $48.03, totaling about $100,863. After the sale, she still owned 11,560 shares, reducing her stake by 15.37%.
• NBTB stock rose 1.0% to $48.13, near its 52-week high of $48.26. The company has a market cap of about $2.5 billion and a low beta of 0.49, indicating relatively modest volatility.
• The company recently paid a quarterly dividend of $0.37 per share, equal to a 3.1% annualized yield. Analysts currently rate the stock a Moderate Buy with an average price target of $49.50.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $48.03, for a total value of $100,863.00. Following the transaction, the director owned 11,560 shares in the company, valued at $555,226.80. This trade represents a 15.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

NBT Bancorp Stock Up 1.0%

NBTB traded up $0.46 during trading on Friday, hitting $48.13. The company had a trading volume of 114,033 shares, compared to its average volume of 253,313. The company has a market capitalization of $2.50 billion, a PE ratio of 13.70 and a beta of 0.49. NBT Bancorp Inc. has a one year low of $39.19 and a one year high of $48.26. The firm's 50-day moving average price is $45.17 and its 200 day moving average price is $43.87. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.09.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). The firm had revenue of $184.48 million during the quarter, compared to the consensus estimate of $185.36 million. NBT Bancorp had a net margin of 19.59% and a return on equity of 11.06%. As a group, equities analysts expect that NBT Bancorp Inc. will post 4.15 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.37 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.48 annualized dividend and a yield of 3.1%. NBT Bancorp's payout ratio is presently 42.17%.

Institutional Investors Weigh In On NBT Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of NBTB. Royal Bank of Canada raised its holdings in shares of NBT Bancorp by 22.3% in the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank's stock valued at $1,729,000 after purchasing an additional 7,349 shares during the period. AQR Capital Management LLC raised its stake in NBT Bancorp by 45.0% in the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank's stock valued at $585,000 after acquiring an additional 4,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in NBT Bancorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank's stock valued at $1,175,000 after acquiring an additional 1,197 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in NBT Bancorp by 15.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank's stock valued at $7,102,000 after acquiring an additional 22,655 shares during the period. Finally, Jane Street Group LLC raised its stake in NBT Bancorp by 1,188.4% in the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank's stock valued at $3,787,000 after acquiring an additional 81,432 shares during the period. 58.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NBTB shares. Hovde Group cut their price target on shares of NBT Bancorp from $47.00 to $46.50 and set a "market perform" rating on the stock in a research report on Monday, April 27th. Weiss Ratings raised shares of NBT Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Piper Sandler started coverage on shares of NBT Bancorp in a research report on Monday, March 16th. They set an "overweight" rating and a $50.00 price target on the stock. Janney Montgomery Scott cut shares of NBT Bancorp from a "buy" rating to a "neutral" rating in a research report on Monday, February 23rd. Finally, DA Davidson reiterated a "buy" rating and set a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $49.50.

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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