PL Capital Advisors LLC Makes New $16.33 Million Investment in NBT Bancorp Inc. $NBTB

PL Capital Advisors LLC purchased a new position in NBT Bancorp Inc. (NASDAQ:NBTB) in the second quarter, HoldingsChannel reports. The institutional investor purchased 392,913 shares of the bank’s stock, valued at approximately $16,326,000. NBT Bancorp makes up about 5.4% of PL Capital Advisors LLC’s holdings, making the stock its 8th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. TD Private Client Wealth LLC raised its holdings in shares of NBT Bancorp by 51.3% in the first quarter. TD Private Client Wealth LLC now owns 867 shares of the bank’s stock worth $37,000 after buying an additional 294 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of NBT Bancorp by 1.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,218 shares of the bank’s stock worth $1,425,000 after acquiring an additional 496 shares during the period. GAMMA Investing LLC increased its stake in shares of NBT Bancorp by 38.9% in the second quarter. GAMMA Investing LLC now owns 1,951 shares of the bank’s stock worth $81,000 after acquiring an additional 546 shares during the period. KBC Group NV increased its stake in shares of NBT Bancorp by 28.4% in the first quarter. KBC Group NV now owns 2,763 shares of the bank’s stock worth $119,000 after acquiring an additional 611 shares during the period. Finally, Hantz Financial Services Inc. acquired a new stake in shares of NBT Bancorp in the second quarter worth $33,000. Hedge funds and other institutional investors own 58.46% of the company’s stock.

NBT Bancorp Stock Up 0.8%

Shares of NASDAQ NBTB opened at $40.81 on Tuesday. The company’s 50-day simple moving average is $42.16 and its 200-day simple moving average is $42.24. NBT Bancorp Inc. has a 52-week low of $37.31 and a 52-week high of $52.44. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 13.60 and a beta of 0.54. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.10.

NBT Bancorp (NASDAQ:NBTB) last announced its earnings results on Monday, October 27th. The bank reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.08. NBT Bancorp had a net margin of 17.24% and a return on equity of 10.35%. The business had revenue of $186.07 million for the quarter, compared to analyst estimates of $183.87 million. Equities analysts predict that NBT Bancorp Inc. will post 3.69 EPS for the current fiscal year.

NBT Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.37 dividend. The ex-dividend date is Monday, December 1st. This represents a $1.48 annualized dividend and a dividend yield of 3.6%. NBT Bancorp’s dividend payout ratio (DPR) is 49.33%.

Wall Street Analysts Forecast Growth

NBTB has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of NBT Bancorp in a research note on Wednesday, October 8th. Piper Sandler set a $47.00 price target on shares of NBT Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Wall Street Zen upgraded shares of NBT Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. DA Davidson lowered shares of NBT Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Janney Montgomery Scott upgraded shares of NBT Bancorp to a “strong-buy” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.00.

Insider Activity

In other news, Director David J. Nasca sold 19,603 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.42, for a total value of $851,162.26. Following the transaction, the director directly owned 82,910 shares of the company’s stock, valued at approximately $3,599,952.20. This trade represents a 19.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy E. Delaney purchased 2,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was acquired at an average cost of $40.50 per share, for a total transaction of $81,000.00. Following the completion of the purchase, the director owned 41,885 shares of the company’s stock, valued at approximately $1,696,342.50. This represents a 5.01% increase in their position. The SEC filing for this purchase provides additional information. 3.03% of the stock is owned by company insiders.

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.