NBT Bancorp Inc. (NASDAQ:NBTB) Declares Dividend Increase – $0.37 Per Share

NBT Bancorp Inc. (NASDAQ:NBTB) declared a quarterly dividend on Tuesday, July 29th, Wall Street Journal reports. Shareholders of record on Monday, September 1st will be paid a dividend of 0.37 per share by the bank on Monday, September 15th. This represents a $1.48 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Friday, August 29th. This is a 8.8% increase from NBT Bancorp’s previous quarterly dividend of $0.34.

NBT Bancorp has a payout ratio of 32.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect NBT Bancorp to earn $4.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 30.9%.

NBT Bancorp Stock Down 2.0%

Shares of NASDAQ:NBTB opened at $42.18 on Thursday. The company has a market capitalization of $1.99 billion, a PE ratio of 15.23 and a beta of 0.57. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.88 and a quick ratio of 0.86. The business has a fifty day moving average price of $42.08 and a two-hundred day moving average price of $43.56. NBT Bancorp has a 1 year low of $37.31 and a 1 year high of $52.44.

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

Insider Activity

In other NBT Bancorp news, Director John H. Watt, Jr. sold 7,869 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total value of $330,655.38. Following the completion of the transaction, the director owned 116,027 shares in the company, valued at $4,875,454.54. This trade represents a 6.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi M. Hoeller bought 2,588 shares of the business’s stock in a transaction on Tuesday, May 6th. The stock was bought at an average price of $42.88 per share, with a total value of $110,973.44. Following the purchase, the director owned 11,578 shares in the company, valued at $496,464.64. This trade represents a 28.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NBTB. AQR Capital Management LLC boosted its position in shares of NBT Bancorp by 45.0% during the 1st quarter. AQR Capital Management LLC now owns 13,630 shares of the bank’s stock valued at $585,000 after acquiring an additional 4,231 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of NBT Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,388 shares of the bank’s stock valued at $1,175,000 after acquiring an additional 1,197 shares during the last quarter. Royal Bank of Canada boosted its position in shares of NBT Bancorp by 22.3% during the 1st quarter. Royal Bank of Canada now owns 40,303 shares of the bank’s stock valued at $1,729,000 after acquiring an additional 7,349 shares during the last quarter. Jane Street Group LLC boosted its position in shares of NBT Bancorp by 1,188.4% during the 1st quarter. Jane Street Group LLC now owns 88,284 shares of the bank’s stock valued at $3,787,000 after acquiring an additional 81,432 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of NBT Bancorp by 15.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 165,550 shares of the bank’s stock valued at $7,102,000 after acquiring an additional 22,655 shares during the last quarter. Institutional investors own 58.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wall Street Zen downgraded NBT Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. DA Davidson cut their price target on NBT Bancorp from $57.00 to $53.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Finally, Piper Sandler upgraded NBT Bancorp to a “neutral” rating and set a $47.00 price target for the company in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NBT Bancorp has an average rating of “Hold” and a consensus target price of $51.60.

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.