Texas Permanent School Fund Has $1.08 Million Stake in NBT Bancorp Inc. (NBTB)
Texas Permanent School Fund reduced its position in NBT Bancorp Inc. (NASDAQ:NBTB) by 7.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 29,430 shares of the bank’s stock after selling 2,335 shares during the quarter. Texas Permanent School Fund’s holdings in NBT Bancorp were worth $1,083,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in NBTB. Wells Fargo & Company MN boosted its position in shares of NBT Bancorp by 8.0% in the second quarter. Wells Fargo & Company MN now owns 43,930 shares of the bank’s stock valued at $1,623,000 after acquiring an additional 3,246 shares during the period. Teachers Advisors LLC boosted its position in shares of NBT Bancorp by 8.5% in the second quarter. Teachers Advisors LLC now owns 78,298 shares of the bank’s stock valued at $2,893,000 after acquiring an additional 6,135 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of NBT Bancorp by 0.8% in the second quarter. TIAA CREF Investment Management LLC now owns 129,903 shares of the bank’s stock valued at $4,800,000 after acquiring an additional 993 shares during the period. New York State Common Retirement Fund boosted its position in shares of NBT Bancorp by 3.6% in the second quarter. New York State Common Retirement Fund now owns 45,900 shares of the bank’s stock valued at $1,696,000 after acquiring an additional 1,599 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in shares of NBT Bancorp by 7.7% in the second quarter. UBS Asset Management Americas Inc. now owns 25,903 shares of the bank’s stock valued at $957,000 after acquiring an additional 1,862 shares during the period. Institutional investors own 49.75% of the company’s stock.
A number of research firms have recently commented on NBTB. Keefe, Bruyette & Woods restated a “hold” rating and issued a $40.50 price objective on shares of NBT Bancorp in a research report on Monday, February 5th. BidaskClub upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Boenning Scattergood restated a “hold” rating on shares of NBT Bancorp in a research report on Wednesday, January 24th. Sandler O’Neill set a $38.00 price objective on shares of NBT Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 3rd. Finally, Zacks Investment Research upgraded shares of NBT Bancorp from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective for the company in a research report on Wednesday, January 3rd. Six equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $38.88.
NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, January 22nd. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.03). The company had revenue of $104.92 million during the quarter, compared to analysts’ expectations of $103.52 million. NBT Bancorp had a net margin of 19.07% and a return on equity of 9.16%. During the same period in the prior year, the business earned $0.45 earnings per share. equities analysts anticipate that NBT Bancorp Inc. will post 2.3 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Wednesday, February 28th. NBT Bancorp’s dividend payout ratio is currently 49.20%.
NBT Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, October 23rd that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Robert A. Wadsworth sold 1,625 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $37.20, for a total value of $60,450.00. Following the sale, the director now directly owns 16,194 shares of the company’s stock, valued at $602,416.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael J. Chewens sold 4,190 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $38.41, for a total transaction of $160,937.90. Following the completion of the sale, the chief financial officer now directly owns 59,443 shares in the company, valued at $2,283,205.63. The disclosure for this sale can be found here. Company insiders own 3.07% of the company’s stock.
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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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