NBT Bancorp Inc. (NBTB) Stake Reduced by Community Bank N.A.
Community Bank N.A. reduced its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 53,130 shares of the bank’s stock after selling 1,080 shares during the period. Community Bank N.A.’s holdings in NBT Bancorp were worth $1,963,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of NBT Bancorp during the fourth quarter worth about $239,000. Ameriprise Financial Inc. raised its stake in shares of NBT Bancorp by 6.0% in the first quarter. Ameriprise Financial Inc. now owns 241,870 shares of the bank’s stock worth $8,966,000 after buying an additional 13,761 shares during the period. Bank of New York Mellon Corp raised its stake in shares of NBT Bancorp by 28.9% in the first quarter. Bank of New York Mellon Corp now owns 796,715 shares of the bank’s stock worth $29,534,000 after buying an additional 178,423 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of NBT Bancorp during the first quarter worth about $369,000. Finally, Vanguard Group Inc. raised its stake in shares of NBT Bancorp by 7.4% in the first quarter. Vanguard Group Inc. now owns 4,067,362 shares of the bank’s stock worth $150,777,000 after buying an additional 279,331 shares during the period. Hedge funds and other institutional investors own 49.87% of the company’s stock.
Shares of NBT Bancorp Inc. (NASDAQ:NBTB) opened at 34.13 on Wednesday. NBT Bancorp Inc. has a 12 month low of $30.77 and a 12 month high of $42.56. The company’s 50 day moving average is $36.15 and its 200-day moving average is $37.76. The company has a market cap of $1.48 billion, a P/E ratio of 18.35 and a beta of 0.88.
NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, July 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. The business had revenue of $99.93 million during the quarter, compared to analysts’ expectations of $100.91 million. NBT Bancorp had a net margin of 19.68% and a return on equity of 8.81%. During the same quarter last year, the company posted $0.46 EPS. Analysts expect that NBT Bancorp Inc. will post $1.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Wednesday, August 30th. NBT Bancorp’s dividend payout ratio (DPR) is currently 49.46%.
NBTB has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of NBT Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. BidaskClub downgraded shares of NBT Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Piper Jaffray Companies reaffirmed a “hold” rating and set a $35.50 price objective on shares of NBT Bancorp in a research report on Friday, July 14th. Finally, ValuEngine downgraded shares of NBT Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $36.75.
In related news, Director John C. Mitchell sold 1,570 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $36.27, for a total transaction of $56,943.90. Following the completion of the sale, the director now owns 34,219 shares in the company, valued at approximately $1,241,123.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John C. Mitchell sold 1,438 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $35.48, for a total transaction of $51,020.24. Following the sale, the director now owns 32,781 shares of the company’s stock, valued at approximately $1,163,069.88. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.
About NBT Bancorp
NBT Bancorp Inc is a financial holding company. The Company conducts its business through NBT Bank, National Association (the Bank) and also through its other subsidiaries, which includes providing commercial banking and financial services to customers in its market area, including central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and Portland, Maine area.
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