NBT Bancorp (NASDAQ:NBTB) Hits New 1-Year High After Dividend Announcement

Key Points

• NBT Bancorp shares reached a new 52-week high of $53.48 after the bank raised its quarterly dividend 8.1% to $0.40 per share. The dividend implies a $1.60 annual payout and approximately 3.0% yield, with payment scheduled for September 15.
• Second-quarter EPS increased year over year to $1.01, supported by a 19.59% net margin and 11.06% return on equity. However, EPS and revenue narrowly missed analysts’ estimates of $1.02 and $188.81 million, respectively.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $51.50, though that target is below the stock’s current level. Institutional investors own 58.46% of the company, while recent insider transactions involved share sales.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) shares reached a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $53.48 and last traded at $53.4810, with a volume of 221693 shares traded. The stock had previously closed at $52.52.The newly announced dividend which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a boost from NBT Bancorp's previous quarterly dividend of $0.37. NBT Bancorp's dividend payout ratio (DPR) is presently 42.17%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. DA Davidson reaffirmed a "buy" rating and issued a $52.00 price objective on shares of NBT Bancorp in a research note on Monday, April 27th. Piper Sandler raised their price target on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Hovde Group dropped 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. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.50.

NBT Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day moving average price of $48.51 and a 200 day moving average price of $45.50. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 15.22 and a beta of 0.48.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The bank reported $1.01 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). The firm had revenue of $186.69 million for the quarter, compared to analyst estimates of $188.81 million. NBT Bancorp had a return on equity of 11.06% and a net margin of 19.59%. Equities research analysts predict that NBT Bancorp Inc. will post 4.14 earnings per share for the current fiscal year.

Key Stories Impacting NBT Bancorp

Here are the key news stories impacting NBT Bancorp this week:

• Positive Sentiment: NBT Bancorp raised its quarterly dividend by 8.1% to $0.40 per share from $0.37. The dividend implies an annualized payout of $1.60 and a yield of approximately 3.0%, signaling confidence in the bank’s capital position and supporting the stock’s income appeal. The ex-dividend date and record date are September 1, with payment scheduled for September 15. NBT Bancorp Second Quarter Results and Dividend Increase
• Positive Sentiment: Second-quarter diluted EPS rose to $1.01 from $0.88 a year earlier, while net margin was 19.59% and return on equity was 11.06%. The year-over-year earnings growth provides a favorable fundamental backdrop despite the quarterly estimate miss. NBT Q2 Earnings Snapshot
• Neutral Sentiment: The stock was trading near its 52-week high, with its 50-day and 200-day moving averages below the current market level. This indicates strong recent momentum, although the relatively low trading volume suggests the move may not reflect broad investor participation.
• Negative Sentiment: NBT Bancorp reported quarterly EPS of $1.01, narrowly below the $1.02 consensus estimate. Revenue of $186.69 million also fell short of the $188.81 million estimate, creating a modest near-term earnings overhang. NBT Bancorp Lags Q2 Earnings and Revenue Estimates

Insiders Place Their Bets

In related news, EVP Ruth H. Mahoney sold 5,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $46.60, for a total value of $233,000.00. Following the transaction, the executive vice president directly owned 16,428 shares in the company, valued at $765,544.80. This trade represents a 23.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Heidi M. Hoeller sold 2,100 shares of NBT Bancorp stock in a transaction on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the completion of the sale, the director directly owned 11,560 shares of the company's stock, valued at approximately $555,226.80. The trade was a 15.37% decrease in their position. The SEC filing for this sale provides additional information. 2.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On NBT Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp increased its holdings in NBT Bancorp by 7.8% during the 2nd quarter. State Street Corp now owns 2,531,336 shares of the bank's stock worth $105,177,000 after purchasing an additional 182,793 shares in the last quarter. Dimensional Fund Advisors LP raised its position in NBT Bancorp by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,330,975 shares of the bank's stock valued at $99,252,000 after buying an additional 30,141 shares during the last quarter. Victory Capital Management Inc. raised its position in NBT Bancorp by 2.0% in the 4th quarter. Victory Capital Management Inc. now owns 663,092 shares of the bank's stock valued at $27,532,000 after buying an additional 12,967 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in NBT Bancorp by 29.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 560,259 shares of the bank's stock valued at $23,856,000 after acquiring an additional 128,316 shares in the last quarter. Finally, Nuveen LLC lifted its stake in NBT Bancorp by 171.0% during the 4th quarter. Nuveen LLC now owns 286,107 shares of the bank's stock valued at $11,879,000 after acquiring an additional 180,528 shares in the last quarter. 58.46% of the stock is owned by institutional investors.

NBT Bancorp Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.