NBT Bancorp (NASDAQ:NBTB) Director Sells $851,162.26 in Stock

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 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 transaction, the director owned 82,910 shares in the company, valued at $3,599,952.20. This trade 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 can be accessed through this hyperlink.

NBT Bancorp Stock Up 0.6%

NASDAQ:NBTB traded up $0.25 during mid-day trading on Wednesday, reaching $42.49. The stock had a trading volume of 164,995 shares, compared to its average volume of 208,673. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 15.34 and a beta of 0.59. NBT Bancorp Inc. has a 1-year low of $37.31 and a 1-year high of $52.44. The stock's 50 day simple moving average is $42.05 and its two-hundred day simple moving average is $42.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.88.

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

NBT Bancorp Increases Dividend

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

Institutional Trading of NBT Bancorp

Several hedge funds have recently bought and sold shares of NBTB. TD Private Client Wealth LLC raised its position in shares of NBT Bancorp by 51.3% during the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank's stock worth $37,000 after purchasing an additional 294 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of NBT Bancorp by 6.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,815 shares of the bank's stock valued at $230,000 after purchasing an additional 310 shares during the period. Ameritas Investment Partners Inc. increased its stake in NBT Bancorp by 7.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,150 shares of the bank's stock worth $214,000 after purchasing an additional 335 shares in the last quarter. Asset Dedication LLC increased its stake in NBT Bancorp by 6.1% in the 2nd quarter. Asset Dedication LLC now owns 7,042 shares of the bank's stock worth $293,000 after purchasing an additional 402 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in NBT Bancorp by 6.8% during the 4th quarter. Bank of Montreal Can now owns 7,278 shares of the bank's stock worth $348,000 after buying an additional 461 shares during the period. 58.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NBTB has been the subject of a number of research reports. DA Davidson lifted their price objective 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. Wall Street Zen raised shares of NBT Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Piper Sandler raised shares of NBT Bancorp to a "neutral" rating and set a $47.00 price objective for the company in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, NBT Bancorp has a consensus rating of "Hold" and a consensus 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.