Sarah Halliday Sells 9,000 Shares of NBT Bancorp (NASDAQ:NBTB) Stock

Key Points

• Executive sale: NBT Bancorp EVP Sarah Halliday sold 9,000 shares at an average price of $54.04, worth $486,360, reducing her direct stake by 28.98% to 22,054 shares.
• Mixed financial results: NBT Bancorp reported quarterly EPS of $1.01 and revenue of $186.69 million, both slightly below analyst expectations. Shares fell 1.4% to $53.49.
• Dividend increase and analyst consensus: The bank raised its quarterly dividend from $0.37 to $0.40 per share, implying a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.12.

NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) EVP Sarah Halliday sold 9,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $54.04, for a total value of $486,360.00. Following the transaction, the executive vice president directly owned 22,054 shares in the company, valued at $1,191,798.16. The trade was a 28.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

NBT Bancorp Stock Down 1.4%

Shares of NBTB stock traded down $0.77 on Thursday, hitting $53.49. The stock had a trading volume of 199,705 shares, compared to its average volume of 291,153. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $48.86 and a 200 day moving average price of $45.65. The company has a market cap of $2.78 billion, a PE ratio of 13.08 and a beta of 0.48. NBT Bancorp Inc. has a one year low of $39.19 and a one year high of $54.50.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last issued its earnings results on Monday, July 27th. The bank reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). NBT Bancorp had a return on equity of 11.27% and a net margin of 22.58%.The business had revenue of $186.69 million for the quarter, compared to the consensus estimate of $188.81 million. Research analysts anticipate that NBT Bancorp Inc. will post 4.14 earnings per share for the current fiscal year.

NBT Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from NBT Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.0%. NBT Bancorp's dividend payout ratio is 39.12%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of NBT Bancorp from $50.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Weiss Ratings restated a "buy (b)" rating on shares of NBT Bancorp in a research note on Tuesday, July 21st. DA Davidson lifted their price target on shares of NBT Bancorp from $52.00 to $59.00 and gave the stock a "buy" rating in a report on Wednesday. Hovde Group reduced their price target on 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, Stephens lowered shares of NBT Bancorp from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $52.00 to $55.00 in a research report on Thursday. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, NBT Bancorp currently has a consensus rating of "Hold" and an average price target of $54.12.

Institutional Investors Weigh In On NBT Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Western Wealth Management LLC purchased a new position in shares of NBT Bancorp in the first quarter valued at approximately $37,000. Bank of America Corp DE increased its position in shares of NBT Bancorp by 32.5% during the first quarter. Bank of America Corp DE now owns 161,740 shares of the bank's stock worth $6,887,000 after purchasing an additional 39,665 shares in the last quarter. Edgestream Partners L.P. acquired a new position in NBT Bancorp in the 1st quarter valued at $3,590,000. Amundi raised its stake in NBT Bancorp by 13.0% in the 1st quarter. Amundi now owns 8,497 shares of the bank's stock valued at $362,000 after purchasing an additional 980 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in NBT Bancorp in the 1st quarter valued at $1,545,000. Institutional investors and hedge funds own 58.46% of the company's stock.

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.

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