NBT Bancorp Inc. (NASDAQ:NBTB) Director David J. Nasca Sells 19,603 Shares

Key Points

• Director David J. Nasca sold 19,603 shares of NBT Bancorp Inc. for a total of $851,162.26, reducing his stake by 19.12%.
• NBT Bancorp announced a quarterly dividend increase to $0.37 per share, reflecting a yield of 3.5% and a positive change from the previous quarterly dividend.
• A number of investment analysts have upgraded NBT Bancorp’s shares, with a new consensus target price set at $52.00 and an average rating of "Hold".

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director David J. Nasca sold 19,603 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total transaction of $851,162.26. Following the sale, the director directly owned 82,910 shares of the company's stock, valued at $3,599,952.20. The trade was a 19.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

NBT Bancorp Stock Down 2.2%

NASDAQ NBTB traded down $0.95 on Friday, hitting $42.13. 295,110 shares of the stock were exchanged, compared to its average volume of 244,383. The company has a 50-day moving average price of $42.04 and a 200-day moving average price of $43.09. NBT Bancorp Inc. has a fifty-two week low of $37.31 and a fifty-two 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. The company has a market cap of $2.21 billion, a PE ratio of 15.21 and a beta of 0.59.

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 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 net margin of 16.10% and a return on equity of 9.81%. Sell-side analysts anticipate that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.34. NBT Bancorp's dividend payout ratio is currently 49.10%.

Institutional Investors Weigh In On NBT Bancorp

Large investors have recently added to or reduced their stakes in the business. Leigh Baldwin & CO. LLC purchased a new position in NBT Bancorp in the fourth quarter valued at approximately $52,606,000. Silvercrest Asset Management Group LLC purchased a new position in NBT Bancorp in the fourth quarter valued at approximately $38,978,000. Raymond James Financial Inc. purchased a new position in NBT Bancorp in the fourth quarter valued at approximately $23,651,000. PL Capital Advisors LLC purchased a new position in NBT Bancorp in the second quarter valued at approximately $16,326,000. Finally, State Street Corp raised its holdings in NBT Bancorp by 7.8% in the second quarter. State Street Corp now owns 2,531,336 shares of the bank's stock valued at $105,177,000 after buying an additional 182,793 shares during the period. 58.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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